TORONTO – The Toronto Stock Exchange dropped more than 300 points or 2.3 per cent in early trading Tuesday, joining another global market decline that swept through overseas markets.
Toronto’s S&P/TSX composite index was down 315.7 points at 13,543.50 in mid-morning trade. The decline was compounded by data from Statistics Canada that showed the country entered recession in first half of the year as low oil prices drained momentum from the energy sector and related industries.
MORE: Economy snaps losing streak, but can’t avoid recession
Global rout
In New York, the Dow Jones industrial average was down 400.86 points at 16,127.17 while the broader S&P 500 index was down 41.04 points at 1,931.14 and the Nasdaq was down 81.20 points to 4,695.31.
In Europe, major markets in London and Paris were also down about 2.5 per cent in mid-day trading. Earlier, China’s Shanghai and Hong Kong stock markets and Japan’s Nikkei also closed lower.
The Canadian dollar was up 0.17 of a cent at 76.18 cents US.
On the commodity markets, the December gold contract rose $9.70 to US$1,142.20 an ounce, the October crude contract was down $2.11 at US$47.09 a barrel and the October contract for natural gas was up one cent at US$2.70.
WATCH: Financial expert Preet Banerjee offers some advice for investors as the stock market turmoil continues around the world.
Comments