All about business

The Toronto stock market closed lower, led by losses in the telecom sector as a new company joins the wireless wars.

The S&P/TSX composite index fell 40.64 points to 11,423.93.

Industry Minister Tony Clement overruled an earlier decision by the Canadian Radio-television and Telecommunications Commission and gave the green light to Globalive Wireless Management Corp. The company will join BCE Inc. (TSX: BCE), Rogers Communications (TSX: RCI.B) and Telus Corp. (TSX: T) in providing cellphone service no fax payday loans.

The Canadian dollar was down 0.85 of a cent to 94.35 cents US. Crude closed 67 cents lower at US$69.87 a barrel.

Solid retail data sent the Dow Jones industrial average up 65.67 points to 10,471.5.

The Nasdaq composite index dipped 0.55 of a point to 2,190.31 while the S&P 500 index climbed 4.07 points to 1,106.42.

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