TSX drops 11% in 2011

The TSXbenchmark index didwell Friday but the gain won't come close to recovering the loss for the year.

The S&P/TSX composite index closed up113.39 points, to 11,955.09. The Toronto gain wasin contrast to U.S. markets, where theS&P 500 and Nasdaq indexes fell slightly and the Dow Jones more sharply.

But the 2011 big picture was a reversal from Friday's trading. The TSXwas down nearly 1,490 points on the year, whileU.S. markets are looking at aninflation-beating gain in the case of the Dow Jones, a flat year for the S&P 500, or a small loss for Nasdaq.

The TSX loss was an 11 per cent drop. The Dow gained about 640 points or 5.5 per cent to12,217.56 in 2011, despite the loss of nearly 70 points Friday.

The S&P index lost five points Friday to close at 1,257.60, just 0.04 of a pointbelow where it started the year.

NASDAQ shedmore than eight points, to end the year at 2,605.15, down two per cent.

Many of theToronto market's sub-indexes posted big drops, including gold andmetals and minerals. But even the energy sub-index lost ground, despite thegain in the price of a barrel of oil over the year.

The loonie added 0.37 cents to 98.33 cents US,the Februaryoil contract fell 82 cents, to $98.83, and gold was up$25.90 to $1,566.80 an ounce.