Toronto, New York, Europe markets drop sharply as gold rises

TORONTO -- North American stock markets plunged in morning trading today, although a jump in gold prices and gold stocks helped soften the impact on the Toronto Stock Exchange's main index.

See Full Article

The S&P/TSX index was down 173.48 points or about 1.4 per cent at 12,590.51 after 90 minutes of trading.

That decline was partly softened by a 5.8 per cent increase in a TSX gold subindex as the price of gold rose sharply.

In New York, the major indexes were down more than two per cent.

The Dow Jones industrial average was down 342.07 points at 15,862.76.

The broader S&P 500 composite index declined 39.84 points to 1,840.21 and the Nasdaq composite lost 114.82 points -- 2.6 per cent -- to 4,248.32.

In Europe, the FTSE 100 in London, CAC 40 in Paris and Germany's DAX were down about three per cent.

The loonie traded at 71.63 cents US, down 0.27 from Friday's close.

On the commodity markets, the April gold contract rose $35.00 to US$1,192.80 an ounce and the March crude contract was down 49 cents at US$30.40 per barrel.



Advertisements

Latest Economic News

  • Investor Warren Buffett says good deals tough to find

    Economic CTV News
    In this Oct. 3, 2017, file photo, investor Warren Buffett gestures on stage during a conversation with CNBC's Becky Quick, at a national conference sponsored by the Purpose Built Communities group that Buffett supports, in Omaha, Neb. Source
  • Ontario restaurant price hikes boost food inflation after minimum wage increase

    Economic CTV News
    Ontario restaurants hiking menu prices after the province raised its minimum wage this year were likely responsible for pushing January food inflation to its highest annualized increase in nearly two years. Overall food prices were 2.3 per cent higher last month compared with January 2017, according to Statistics Canada. Source
  • Supplier to NHL's Calgary Flames breathes again as B.C. wine ban suspended

    Economic CTV News
    VICTORIA -- The operators of a small British Columbia winery that landed a big contract to be the official wine of the National Hockey League's Calgary Flames are relieved their Cabernet Merlot and Pinot Gris are no longer caught in a face off between two provinces. Source
  • NRA faces corporate backlash after latest school shooting

    Economic CTV News
    NEW YORK -- The National Rifle Association is facing a corporate backlash as companies take a closer look at their investments, co-branding deals and other ties to the gun industry following the latest school massacre. Source
  • 'The not so golden years' — a quarter of retired Canadians in debt, survey suggests

    Economic CBC News
    A "worry-free retirement" may be a thing of the past, according to a new Sun Life Financial survey, which finds that a quarter of retired Canadian are in debt in their golden years. About 25 per cent of the 750 Canadians polled between the ages of 55 to 80 years for the Sun Life Financial Barometer said they have debt that ranges from mortgages to car payments. Source
  • Couillard says he is open to advancing Montreal's subway contract to Bombardier

    Economic CTV News
    Quebec Premier Philippe Couillard is suggesting he's open to giving Bombardier a contract to replace Montreal's subway cars in order to stave off potential job losses at the company. Couillard said today during an economic mission to Washington D.C. Source
  • Pension fund manager OMERS earns 11.5 per cent return after all expenses in 2017

    Economic CTV News
    TORONTO -- Pension fund manager OMERS earned an investment return of 11.5 per cent after all expenses last year, topping the 10.3 per cent result it posted in 2016. The defined-benefit pension plan for Ontario's municipal employees said all of its major asset classes performed well for the year. Source
  • Ottawa vows legislation allowing firms to settle corporate corruption

    Economic CTV News
    OTTAWA -- The Canadian government is vowing to introduce legislation for corporate wrongdoing that could help SNC-Lavalin Group Inc. address criminal charges. The government says deferred prosecution agreements (DPA), which were called for in public consultations last fall, will be another tool used by judges to hold companies accountable. Source
  • TD Bank stops allowing customers to use credit cards to buy cryptocurrency

    Economic CTV News
    TORONTO -- TD Bank says it is taking a pause on allowing customers to use its credit cards to buy cryptocurrency. The big bank says it made the decision to conduct a review and assessment of the evolving market. Source
  • Auto sales to dip in most provinces, led by Ontario's 3.1% drop, Scotiabank says

    Economic CBC News
    Scotiabank says that slower job creation and weaker gains in household wealth will likely contribute to softer Canadian sales of cars and light trucks this year. That would put an end to a five-year string of growth that included a record high 2.04 million vehicles sold in 2017. Source