07/14/2011 05:06 EDT | Updated 09/13/2011 05:12 EDT

Toronto Stock Market Close: Down Across The Board

THE CANADIAN PRESS -- TORONTO - The Toronto stock market closed lower as traders mulled over what the U.S. Federal Reserve is prepared to do to help the economic recovery.

The S&P/TSX composite index lost 72.02 points 13,252.92 while the Canadian dollar closed down 0.14 of a cent to 104.06 cents US.

U.S. Federal Reserve chairman Ben Bernanke had said yesterday he is considering another round of stimulus in a bid to lower interest rates and spark economic growth.

But indexes surrendered early gains amid a second day of testimony before a congressional committee where Bernanke said he wasn't "at this point" prepared to take action to further bolster the economy.

Oil fell $2.36 to US$95.69 a barrel.

Nervous investors sent gold up $3.80 to a fresh record close of US$1,589.30 an ounce.

The Dow industrials dropped 54.49 points to 12,437.12, the Nasdaq lost 34.25 points to 2,762.67 and the S&P 500 index shed 8.85 points to 1,308.87.