The Toronto Stock Exchange 300 composite index dropped 53.4 points to 7,722.4 on Thursday, hampered by faltering tech stocks.

Decliners outpaced advancers 549 to 525, as 187.5 million shares changed hands.

Overall 11 of the TSE’s 14 sub-indices were down, led by a 2% slide in industrial products.

Bombardier lost $1 to close at $15, which followed word of 800 layoffs in the U.S. caused by weak demand for business jets.

Magna International lost $3.81 to $105 after predicting sales will rise this year by five to 10%, but that earnings per share would be flat.

724 Solutions fell 42¢ to $3.53 after it cut 100 jobs in a bid to slash costs by 20 per cent after its fourth-quarter revenue came in 20% to 25% below forecasts.

ATI Technologies fell 73¢ to $22. Nortel Networks dropped 21¢ to $12.70.

The metals sub-index fell 1.4% as Alcan lost 90¢ to $56.90, Falconbridge fell 40¢ to $16.30 and Inco dropped 43¢ to $27.42.

The Oil and gas fell 1.25% with Suncor losing 83¢ to $49.50 and Petro Canada off 56¢ to $37.52.

The gold sub-index advanced 0.8%, adding to yesterday’s 4.4% jump. Franco Nevada gained 76¢ to $24.81.

Canadian Tire shares soared $2 to $42 after the retailer announced sales increased 5%in December.

The S&P/CDNX Composite Index closed up 4.03 at 1,099.06. Trading was heavy on a volume of 42.4 million shares, with 211 advances and 198 declines.

In New York, stocks ended mixed as generally positive retail sales numbers and encouraging employment news failed to life the market.

The Dow Jones industrial average finished down 26.23 points to 10,067.86, while the Nasdaq composite closed up 2.35 points to 2,047.24. The S&P 500 gained 1.41 points to 1,156.55.