Apr 03, 2013

By Michael Kramer

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The Toronto stock market tumbled about two per cent, shedding all its year-to-date gains on worries that the American economy is faltering.

The S & P / T-S-X composite index plunged 260 points to 12,422.

 The Canadian dollar rose 4-100ths to 98.57 cents U-S.

U.S. indexes were also lower as the Dow Jones industrials gave back 112 points to 14,550.

The Nasdaq was down 36 points at 3,219.

Payroll firm A-D-P reported that the American private sector created 158,000 jobs last month, which was below the 215,000 reading that markets had expected.

Before the release of the A-D-P data, economists had expected the government’s jobs report Friday would show a total of 190,000 jobs were cranked out.

And the U-S Institute for Supply Management’s index for the U-S service sector during March showed slower expansion.

That report came on the heels of another I-S-M report earlier in the week showing expansion in the manufacturing sector also faltering.

Geopolitical concerns also contributed to the declines as Washington said a missile defence system was being sent to the Pacific island of Guam amid continued threats from North Korea.

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