TSX posts triple-digit loss as price of oil falls again

TORONTO -- The Toronto stock market posted a triple-digit loss on a day that saw wild swings on global markets as the price of oil fell yet again.

See Full Article

The Toronto Stock Exchange's S&P/TSX composite index ended the day down 159.13 points at 11,843.11, the latest lost in a post-Christmas slump that has seen the index lose more than 10 per cent of its value.

New York markets were also negative but well off their worst levels of the day that at one point saw the Dow Jones industrial average shed more than 500 points. At the close the Dow was down 249.28 points at 15,766.74, while the broader S&P 500 fell 22 points to 1,859.33 and the Nasdaq lost 5.26 points to 4,471.69.

On commodity markets, oil continued its recent volatility with the March contract losing $1.22 to settle at US$28.35 a barrel, while the February contract for natural gas added 2.7 cents to US$2.118 per mmBtu and the February contract for gold added $17.10 to US$1106.20 per troy ounce.

The commodity-sensitive loonie added 0.32 of a cent to 69.01 cents U.S. after the Bank of Canada said it would hold its trendsetting policy rate at 0.5 per cent.



Advertisements

Latest Economic News

  • Ivanka Trump ordered to testify in dispute with shoe company

    Economic CTV News
    NEW YORK -- Ivanka Trump must testify in a dispute with an Italian shoemaker over one of her company's shoe designs, a judge said Friday. U.S. District Judge Katherine Forrest rejected a request by the senior White House aide's lawyers that she be blocked from submitting to a deposition in the trademark infringement lawsuit brought by Aquazzura Italia SRL against her and her company IT Collection LLC. Source
  • Cooling measures already affecting hot Toronto housing market: survey

    Economic CTV News
    The recent intervention by the Ontario government to cool the Toronto-area’s hot housing market is already having an impact on sellers and buyers plans for the year, according to a new poll. At the end of April, Ont. Source
  • Why is the American teen summer job disappearing? [Video]

    Economic Toronto Sun
    WASHINGTON — It was at Oregon’s Timberline Lodge, later known as a setting in the horror movie “The Shining,” where Patrick Doyle earned his first real paycheque. He was a busboy. The job didn’t pay much. But Doyle quickly learned lessons that served him for years as he rose to become the CEO of Domino’s, the pizza delivery giant: Source
  • Waiting for a Canadian housing crash? Warren Buffet bets against it buying 38% stake in Home Capital Group Inc.

    Economic Toronto Sun
    Warren Buffett's deal to back Home Capital Group Inc. does more than support a struggling mortgage lender -- it's a vote of confidence for a housing market that everyone from investors to global ratings companies say is a bubble ready to burst. Source
  • CIBC looks to generate quarter of earnings from U.S.

    Economic CBC News
    CIBC closed its acquisition of Chicago-based PrivateBancorp on Friday, securing its foothold in the U.S. where CEO Victor Dodig said the bank hopes to one day generate a quarter of its earnings. The Canadian bank now earns roughly five per cent of its profits in the U.S. Source
  • CIBC closes acquisition of U.S.-based PrivateBancorp

    Economic CTV News
    TORONTO -- CIBC closed its acquisition of Chicago-based PrivateBancorp on Friday, securing its foothold in the U.S. where CEO Victor Dodig said the bank hopes to one day generate a quarter of its earnings. The Canadian bank (TSX:CM) now earns roughly five per cent of its profits in the U.S. Source
  • Consumer demand for debt as high as it has ever been, Equifax says

    Economic CBC News
    Canadians' appetite for debt is as insatiable as ever, a new report from credit monitoring firm Equifax says. Equifax calculates that Canadian consumers owed $1.729 trillion at the end of the first quarter, an increase of 6.9 per cent in a year. Source
  • Sears Canada store closures expected to have little impact on RioCan

    Economic CTV News
    NEW YORK -- Sears is closing another 20 stores as the ailing retailer tries to turn around its business. Real estate investment trust Seritage, which owns the 20 real estate properties, confirmed the closings-- 18 Sears stores and two Kmart stores -- in a government filing Friday. Source
  • Ontario rent increases capped at 1.8 per cent next year

    Economic CTV News
    TORONTO - Landlords in Ontario will be able to increase rents up to 1.8 per cent next year, as rent controls are expanded under the Liberal government's housing plan. The annual rent increase guideline is the maximum amount a landlord can boost a tenant's rent without needing the approval of the Landlord and Tenant Board. Source
  • Norsat International investors approve takeover bid from Chinese firm

    Economic CBC News
    ?Norsat International Inc. says its securityholders have voted to approve a controversial takeover of the company by Chinese company Hytera Communications Co. Ltd. The Canadian satellite communications firm says its securityholders voted 72.53 per cent in favour of the offer of $11.50 US per share. Source