Toronto stocks closed lower on Friday. Weak economic data out of the United States mixed with concerns over corporate accounting practices and soft earnings to drag markets lower.

The Toronto Stock Exchange 300 composite index closed down 11.09 points, at 7,515.30.

Markets on both sides of the border were hampered as a key consumer sentiment gauge out of the United States posted a surprise decline.

Six of the TSE 300’s 14 sub-indexes closed lower, led down by a 1.4% dip in the tech-heavy industrial products sector and a 2.3% fall in gold and precious minerals.

Nortel Networks Corp. shed 27¢, or 3%, to $8.88, closing below $9 for the first time since mid-October.

Electronics manufacturer Celestica Inc. fell $1.08 to $60.75 for its lowest close since early November.

Shares of Loblaw Cos. Ltd. reached a 52-week high on unsubstantiated rumors that George Weston Ltd., the majority owner of Canada’s largest grocery chain, was planning to sell its stake to Wal-Mart Stores Inc., the world’s biggest retailer.

Loblaw shares closed up $1.80, or 3%, at $58.45.

Among gold issues, Barrick ended the session down 55¢, or 1.8%, at $29.35. Rival Placer Dome Inc.fell 97¢, or 4.6%, to $19.83.

Despite the TSE 300’s lower close, market momentum was positive as advancers edged out decliners 534 to 523 on a volume of 187.6 million shares worth $2.52 billion.

The S&P/CDNX Composite Index closed down 0.40 at 1,140.61. Trading was active on a volume of 30.6 million shares, with 209 advances, 196 declines and 551 issues unchanged.

In New York, the Dow Jones industrial average fell 98.95 points to 9,903.04. The Nasdaq composite index dropped 38.18 points, or 2.07%, at 1,805.19. The S&P 500 slipped 12.30 points to 1,104.18.

The Canadian dollar was up 0.10¢ at US62.91¢ — up 0.34¢ on the week.