Canadian stocks, loonie drop sharply as oil extends slide

TORONTO – The Canadian dollar was down more than half of a U.S. cent as Canada’s main stock market dropped sharply Tuesday morning.

The loonie traded at 71.13 cents US, down 0.57 from Tuesday’s close. North American stock markets were also lower at mid-morning.

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The Toronto Stock Exchange’s S&P/TSX index opened 223.3 points lower at 12,451.09, a decline of 1.76 per cent from Monday’s close. The index also dropped 147.76 points on Monday.

In New York, the major indexes were all down by more than one per cent. The Dow Jones Industrial average was down 238.2 points at 16,210.96, the broader S&P 500 index declined 25.43 points to 1,913.95 and the Nasdaq lost 48.05 points to 4,572.32.

On the commodity markets, the March crude contract was down $1.46 at US$30.16 per barrel.