TSX index falls, ending 8-day rally

The Toronto stock market closed sharply lower on Friday, as investors locked in gains from an eight-day rally.

New York markets also gave up ground, with financials leading the way.

Toronto's S&P/TSX composite index fell 184.14 points, or 2.1 per cent, to 8,506.35. It's still up 935 points, or 12.4 per cent, over the eight-day runup that began March 10.

The Canadian dollar fell 0.12 of a cent to 80.68 cents US after Statistics Canada said that retail sales rose 1.9 per cent in January to $33.7 billion.

Sales rose in five of eight retail sectors, led by a 3.8 per cent increase in the automotive sector.

New York's Dow Jones industrial average dropped 122.42 points to 7,278.38. The blue-chip index is still up 10.4 per cent since March 9.

The Nasdaq composite index was down 26.21 points to 1,457.27.