06/11/2015 17:49 EDT | Updated 06/11/2016 01:12 EDT

TSX slips on lower commodity prices; U.S. retail sales power advance in New York

TORONTO - The Toronto stock market turned lower amid falling commodity prices and a warning by the Bank of Canada about the ongoing risk to the Canadian economy as a result of low oil prices.The S&P/TSX composite index closed down 58.16 points at 14,830.88, while the loonie retreated 0.08 of a U.S. cent to 81.47 cents US.American markets were modestly higher after major gains Wednesday that saw the widely watched Dow Jones industrial average shoot up more than 230 points.Enthusiasm in New York was helped by a report from the U.S. Commerce Department showing shoppers returned to stores in a big way in May, with retail sales rising a seasonally adjusted 1.2 per cent last month after a 0.2 per cent gain in April.The Dow added 38.97 points to 18,039.37, while the Nasdaq advanced 5.82 points to 5,082.51 and the S&P 500 gained 3.66 points to 2,108.86.On the commodity markets, the July crude contract closed down 66 cents at US$60.77 a barrel, while the August gold contract fell $6.20 to US$1,180.40 an ounce.