Dow Jones drops sharply, loonie falls 0.85 cents

TORONTO - North American stock markets turned lower following two days of solid advances amid declining oil prices and renewed concerns over the U.S.

See Full Article

economic recovery.

The Toronto Stock Exchange's S&P/TSX index lost 10.51 points to close at 12,763.99.

The oil-sensitive Canadian dollar also retreated, down 0.85 of a U.S. cent at 71.90 cents US.

In New York, the Dow Jones industrial average slumped 211.61 points to 16,204.97, while the broader S&P 500 declined 35.40 points to 1,880.05 and the Nasdaq plunged 146.42 points to 4,363.14.

In commodities, the March contract for North American benchmark crude oil slipped for a second straight day, down 83 cents to US$30.89 a barrel.

The March contract for natural gas rose nine cents to US$2.06 per mmBtu, while April gold added 20 cents to US$1,157.70 a troy ounce and March copper shed three cents to US$2.10 a pound.



Advertisements

Latest Economic News

  • CMHC to hike mortgage insurance premiums by an average of $5 a month

    Economic CBC News
    The Canada Mortgage and Housing Corporation will charge borrowers a few dollars more every month to insure their mortgages starting in March. The housing agency made the announcement in a release Tuesday. Starting March 17, CMHC will charge mortgage holders slightly more every month to insure their loans. Source
  • Silk, steam and slogans: Inside a North Korean factory

    Economic CTV News
    PYONGYANG, Korea, Democratic People's Republic Of -- As the morning light poured through large windows, women wearing olive-colored overalls, pink aprons and headscarves stood at stations where silkworms were being boiled. Some used their bare hands to pull silk thread from the boilers and winced as the steam rose toward their faces. Source
  • CMHC to raise mortgage insurance premiums for homebuyers as of March 17

    Economic CTV News
    OTTAWA - Canada Mortgage and Housing Corp. is raising the cost of mortgage loan insurance effective March 17. The Crown corporation estimates the increases will add about $5 to a monthly mortgage payment for its average homebuyer. Source
  • Rolls Royce agrees to pay $808 million on bribery claims

    Economic CTV News
    LONDON - Jet engine maker Rolls Royce has agreed to pay 671 million pounds ($808 million) to settle bribery and corruption charges brought by authorities in Britain, the U.S. and Brazil. A U.K. High Court judge will examine the deferred prosecution agreement during a public hearing on Tuesday. Source
  • British American Tobacco agrees to take over Reynolds

    Economic CTV News
    LONDON -- British American Tobacco Plc has agreed to fully take over Reynolds American Inc. in a deal that will create the world's largest publicly traded tobacco company. The $49 billion takeover was agreed on improved terms compared with an initial bid made last year. Source
  • Malaysia Air on rebound as missing flight search called off

    Economic CTV News
    HONG KONG -- Nearly three years after twin disasters took it to the brink of financial collapse, Malaysia Airlines' new CEO says the airline's recovery is going better than expected. The search for the airline's Flight 370 that went missing in March 2014 with 239 people on board was suspended Tuesday. Source
  • Top-down solutions from Davos elite out of step with populist anger: Don Pittis

    Economic CBC News
    In the Swiss resort town of Davos amid the glare of media attention, movie stars, billionaires and politicians have gathered once again to tell us what we are doing wrong and how to start doing things right. Source
  • Why the Dow Jones hitting 20,000 is meaningless

    Economic CBC News
    There are few things economic experts agree on. That the Dow Jones Industrial Average is ridiculous as an economic indicator is one. That its milestones are meaningless is another. For weeks now, headlines have been breathlessly anticipating the Dow breaking through the 20,000-point mark. Source
  • The Dow Jones Industrial Average is ridiculous — and its 20,000-point milestone doesn't matter

    Economic CBC News
    There are few things economic experts agree on. That the Dow Jones Industrial Average is ridiculous as an economic indicator is one. That its milestones are meaningless is another. For weeks now, headlines have been breathlessly anticipating the Dow breaking through the 20,000-point mark. Source
  • Shell Canada seals second deepwater well off Nova Scotia, silent on results

    Economic CTV News
    HALIFAX - Shell is moving to seal off the second of its two deepwater exploration wells off Nova Scotia. The company began work on the Monterey Jack well on the Scotian Shelf on Sept. Source