Financial Update

Stocks tumble in classic 'bear market' pattern

*Bear MarketA market in which stock prices are falling. The rule of thumb is at least 20%.

However, a lot depends on how long the drop lasts. The quicker the rebound, the less likely investor psychology will turn from optimism to the pessimism that usually accompanies a bear market
Within bull markets you buy on the dips but in a bear market you sell on the rallies and that's what we're seeing. So the bear market mentality is still very firmly entrenched and still gripping the markets(CP)

· TSX -456.13pts
· Dow -678.91pts.exactly 1 yr after hitting a record high, the Dow moved below the 9,000 mark for the first time since Aug,03, led by sharp declines in financial and energy stocks
· Dollar -1.78c to $87.28US.
· Oil -$2.36 to $88.95US per barrel
· Gold -20.00 to $883.10US per ounce

OTTAWA -- Canada's unemployment rate was unchanged at 6.1% in September, as a record 107,000 jobs were added to the economy, Statistics Canada said Friday.

Last month's job growth was the biggest increase in 30 years, and defied economists' expectations for an actual decline in employment -- following a drop in July and just small gain in August.

There were 96,600 part-time jobs added in September and 10,300 full- time positions.
"Five provinces accounted for the overall employment increase this September: Ontario, Quebec, Alberta, Saskatchewan and Nova Scotia," Statistics Canada said. "There were widespread gains by industry in September.

"The largest increase in employment came from health care and social assistance, followed by business, building and other support services, and manufacturing. Employment also increased in transportation and warehousing, agriculture and construction."