Stocks in Toronto ended a roller-coaster day by finishing lower. Profit-taking among tech stocks and a dip in the financial sector pulled trading down. The chief beneficiaries of this sentiment were the gold issues. The Toronto Stock Exchange’s S&P/TSX composite index closed down 55.10 points, or 0.82%, at 6,642.83.

The technology sector was hit with a less than rosy prediction from Intel that the demand for personal computers will not increase in the foreseeable future. That sector declined 3.68% as a result. Celestica Inc. fell $2.40 to $36.30. ATI Tech slid 60¢ to $10.00.

Less than enthusiastic earnigs reports from two major banks hurt the financial sector. Bank of Montreal fell $1.07 to $36.40 after posting a third-quarter profit that feel short of analyst expectations. Bank of Nova Scotia sold off hard late in the day, falling $2.27 to $47.93. It’s third quarter profit rose 2%, also short of expectations.

A retreat to gold stocks boosted that sector 4.18%. The golds were also boosted by growing expectations of a U.S. attack on Iraq and continued weakness in the U.S. dollar. Barrick Gold finished up 70¢ at $24.32 while Placer Dome closed up 61¢ at $14.96.

The S&P/TSX Venture Composite Index closed up 5.50 at 1014.33. Trading was moderate on a volume of 23.4 million shares worth 7.2 million dollars, with 157 advances, 154 declines and 590 issues unchanged.

Bombardier reported its Q3 earnings today, saying that net income for the three-month period was $101.4 million, after the effect of one-time charges of $136.0 million, or $0.10 per share, compared to net income of $287.9 million for the same period the preceding year. Earnings per share amounted to $0.07, compared to $0.21 the previous year.

Net income for the first six months was $320.6 million, compared to an income of $528.9 million the previous year. Earnings per share for the six-month period amounted to $0.22 from $0.38 for the same period the previous year. Bombardier says the reduction in earnings reflects a major decline in the business aircraft market and one-time charges.

In the U.S. stocks also ended lower. The latest report on consumner confidence was less than inspiring. An early morning report of positive numbers regarding durable good orders, was overshadowing by the concerns that consumer start to hold back.
The Dow Jones industrial average dropped 94.6 points, or 1.06%, to 8,824.41. The Nasdaq Composite fell 43.96 points, or 3.16%, to 1,347.78.