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TSX takes a hit from oil supply data as loonie hits decade low

Apple shares slumped as much as 6.7 per cent to US$121.99, a day after the iPhone maker\'s revenue forecast for the fourth quarter fell below expectations.

TORONTO – The Toronto stock exchange suffered another session of declines as oil closed below $50 for the first time in several months and the loonie tumbled to its lowest level in more than a decade.

The S&P/TSX composite index lost 69.12 points at 14,307.12, dragged down by weakness in both the energy and resource sectors.

Oil prices settled at the smallest level since April, dropping $1.67 to US$49.19 for the September contract. The most recent weekly figures from the U.S. government showed that oil supply inventories unexpectedly rose a week ago.

The August gas contract rose 1.5 cents at US$2.897 while August gold lost US$12 at $1,091.50.

Meanwhile, the Canadian dollar lost 0.53 of the cent to 76.70 cents US, closing in a level it hasn\’t reached since Sept. 1, 2004.

In the U.S., the Dow Jones industrial average dropped 68.25 points at 17,851.04, while the Nasdaq fell 36.35 suggests 5,171.77. The S&P 500 dipped 5.06 suggests 2,114.15.