North American markets plunge amid another oil price drop

TORONTO -- North American markets were seriously in the red at mid-afternoon Tuesday as another big downturn in the price of oil roiled markets worldwide.

See Full Article

The Toronto Stock Exchange's S&P/TSX index was down 250.46 points or almost two per cent to 12,423.91, adding to a 147-point drop Monday that started the month's trading.

New York indexes were also in full retreat, with the Dow Jones industrial average down 301.05 points or 1.8 per cent at 16,148.13, while the S&P 500 fell 36.70 points or 1.9 per cent to 1,902.68 and the Nasdaq lost 100.88 points or almost 2.2 per cent to 4,519.49.

Investor concern remained on oil prices, which plunged for a second consecutive session amid fears for the world economy in the wake of disappointing manufacturing reports out of the U.S. and China on Monday.

On commodity markets, the March contract for benchmark U.S. oil fell $1.27 to US$29.95 a barrel after dropping $2 on Monday, and the heavily weighted energy sector was down 3.38 per cent on the TSX.

The oil-sensitive loonie was off 0.52 of a U.S. cent at 71.27 cents US.

"Hope is extinguished for now, as the now two-day fall in crude has regained the market's focus," John Briggs, head of Americas fixed income strategy at RBS, wrote in a note to investors.

Elsewhere in commodities, March natural gas fell 13 cents to US$2.02 per mmBtu after plummeting almost 15 cents Monday, while April gold edged 20 cents higher to US$1,128.20 an ounce and copper gave back a penny to US$2.04 a pound.

In Europe, Germany's DAX finished 1.8 per cent lower, while France's CAC-40 fell 2.5 per cent and Britain's FTSE 100 lost 2.7 per cent.

In Asia, Tokyo's Nikkei 225 earlier closed 0.6 per cent lower, South Korea's Kospi index fell one per cent and Hong Kong's Hang Seng was off 0.8 per cent. China's man index, the Shanghai composite, was up 2.26 per cent.

With files from The Associated Press



Advertisements

Latest Economic News

  • Euro tumbles after Italy's PM resigns, loses referendum

    Economic CBC News
    The euro tumbled in early Asian trade on Monday after Italian Prime Minister Matteo Renzi said he would resign after conceding defeat in a referendum over his plan to reform the constitution. The euro dropped 1.3 per cent to $1.0505 US, falling below its 1 1/2-year low of $1.0518 touched late last month, and testing its key support levels where the currency has managed to rebound in the past couple of years. Source
  • Company sold turf product after learning of defects: report

    Economic CTV News
    WOODBRIDGE, N.J. -- The country's leading maker of artificial sports turf sold more than 1,000 fields to towns, schools and teams nationwide after its executives knew they were falling apart faster than expected and might not live up to lofty marketing claims, according to an investigation by a news organization. Source
  • Montreal-based company sold turf product after learning of defects: report

    Economic CTV News
    WOODBRIDGE, N.J. -- The country's leading maker of artificial sports turf sold more than 1,000 fields to towns, schools and teams nationwide after its executives knew they were falling apart faster than expected and might not live up to lofty marketing claims, according to an investigation by a news organization. Source
  • U.S., China, EU, others fail to reach environmental goods deal

    Economic CTV News
    GENEVA -- Forty-six countries including the U.S., China and European Union nations failed Sunday to agree on a list of "environmental goods" like solar-powered air conditioners or LED light bulbs that could be targeted for lower tariffs. Source
  • Venezuela to issue new bills with current ones worth no more than 2 U.S. cents

    Economic CTV News
    BOGOTA -- Venezuela said it will issue higher-denominated bills as triple-digit inflation and a currency meltdown leave the country's largest note worth just around 2 U.S. cents on the black market. The central bank said in a statement Saturday that six new bills ranging from 500 to 20,000 Bolivars will begin circulating on Dec. Source
  • Six things to know about the bovine TB outbreak: CFIA's chief veterinary officer

    Economic CTV News
    OTTAWA -- More than 22,000 cattle at farms in Alberta and Saskatchewan are quarantined due to bovine tuberculosis, causing hardship for ranchers and millions in compensation payments and other costs. The Canadian Food Inspection Agency is testing cattle to determine the extent of the outbreak and the source of the contagious bacterial infection. Source
  • U.K.'s Boris Johnson downplays EU payment suggestions

    Economic CTV News
    LONDON -- Britain's foreign secretary has dismissed suggestions that London would be willing to pay into European Union coffers following an exit from the bloc, describing the idea as speculation. Boris Johnson's comments to the BBC on Sunday came after Britain's minister for leaving the European Union, David Davis, said that the country might be willing to pay in return for access to the single market. Source
  • Beyond the hippie stereotype: A closer look at the opposition to Trans Mountain

    Economic CBC News
    A conversation about tripling your money on a tech start up might seem out of place at an anti-pipeline march, but not so in Vancouver. When thousands of protestors made their way from City Hall to downtown a few weeks ago, chatter about stock options and where to go for ramen after the rally could be heard alongside the traditional indigenous drumming and chants of "Hey, hey, Trudeau, Kinder Morgan's got to go". Source
  • Using Air Miles for overseas flights? It may not be a great deal

    Economic CBC News
    You've saved your Air Miles for a well-deserved overseas adventure — but don't pack your bags just yet, as you may be in for a surprise. Seventeen million Canadians collect Air Miles reward points on everything from groceries to gas. Source
  • Airbnb drops lawsuit against NYC over new state law

    Economic CTV News
    NEW YORK -- Airbnb has agreed to drop a lawsuit against New York City over a new state law it said could have deterred hosts and impaired its revenues. The settlement was reached Friday. Source