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TSX ends down 0.6% at 24,573.62

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Technology and energy both fall 1.2%

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Oil settles 1.4% lower

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BoC cuts benchmark rate by 50 basis points

(Updates at market close)

By Fergal Smith

Oct 23 (Reuters) - Canada's main stock index fell for a

third straight day on Wednesday, pressured by declines for

resource and technology shares, as investors assessed whether

the economy can withstand the recent move higher in long-term

borrowing costs.

The Toronto Stock Exchange's S&P/TSX composite index

ended down 143.08 points, or 0.6%, at 24,573.62,

extending its pullback from an all-time closing high on Friday.

Wall Street also fell as U.S. Treasury yields climbed, with

the 10-year rate up more than 60 basis points since

mid-September.

"I would be looking at this pullback as a counter-trend

move," said Joseph Abramson, co-chief investment officer at

Northland Wealth Management, adding the rise in bond yields is

likely to reflect improving growth rather than constraining

growth.

Canadian bond yields have also climbed in recent weeks but

not as much as U.S. rates.

"Canada needs lower rates than the U.S. so that puts

downward pressure on the Canadian dollar ... in local currency

terms it should be good for the TSX," Abramson said.

The loonie touched an 11-week low at 1.3862 per U.S. dollar,

or 72.14 U.S. cents, after the Bank of Canada cut its benchmark

rate by an unusually large 50 basis points to 3.75% and hailed

signs Canada has returned to an era of low inflation.

The technology and energy sectors both fell 1.2%. The price

of oil settled 1.4% lower at $70.77 a barrel.

Gold and copper prices also fell, weighing on

metal mining shares. The materials group lost 0.9%.

First Quantum Minerals ( FQVLF ) was a bright spot. Its shares

rose 1.3% after the copper miner beat quarterly profit estimates

and said it is in talks with potential partners for its Zambian

assets.