Toronto stock in­dex plunges on tum­bling en­ergy prices

Lethbridge Herald - - BUSINESS AGRICULTURE -

Canada’s largest stock in­dex nose-dived Tues­day while U.S. stocks slumped as the price of oil saw its big­gest sin­gle-day drop since Oc­to­ber.

The S&P/TSX com­pos­ite in­dex re­treated 113.13 points to 15,913.13, with the en­ergy sec­tor lead­ing the broad­based de­cline as the De­cem­ber crude con­tract fell US$1.06 to US$55.70 per bar­rel.

In New York, the Dow Jones in­dus­trial av­er­age was down 30.23 points to 23,409.47. The S&P 500 in­dex edged back 5.97 points to 2,578.87 and the Nas­daq com­pos­ite in­dex lost 19.73 points to 6,737.87.

“We’re see­ing con­tin­u­ing weak­ness in global mar­kets. We’ve seen that all the ma­jor mar­kets have kind of re­treated from the highs that were set ear­lier in the month,” said Todd Mat­tina, chief econ­o­mist and strate­gist at Macken­zie In­vest­ments.

“The de­cline in oil prices is re­ally weigh­ing on en­ergy sec­tors in global mar­kets.”

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