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

  • Calgary airport to convert Lexus-only stalls back to accessible parking

    Economic CTV News
    Calgary International Airport has apologized for moving accessible parking stalls and setting up a Lexus marketing campaign in their place. The pavement in the parking spots was painted to indicate they were reserved for drivers of the luxury car. Source
  • Rowdy Korean Air passenger's 3-year prison sentence reversed

    Economic CTV News
    HAGATNA, Guam -- A U.S. appeals court has struck down the three-year prison sentence of a rowdy Korean Air passenger convicted of interfering with flight attendants last year on a flight to Guam. The 9th U.S. Source
  • Striking ground crew at Toronto airport to vote on new offer from employer

    Economic CTV News
    TORONTO - The union representing striking ground crew workers at Canada's busiest airport says it has received a new contract offer that will be voted on tomorrow. About 700 baggage handlers, cabin cleaners, and other ground crew employed by Swissport at Toronto's Pearson International Airport have been on strike since late July. Source
  • June retail sales a bright spot for Canadian economy: economists

    Economic CTV News
    OTTAWA - Canadian retail sales rose slightly in June and continue to be a bright spot in the economy. Statistics Canada says in a report issued Tuesday that the retail sector's growth was 1.1 per cent, excluding automotive and gasoline sales. Source
  • CGI Group moves to expand in northern Europe with takeover of Affecto

    Economic CBC News
    Canada's largest publicly traded IT services business is moving to expand its presence in Europe through the acquisition of Affecto PLC in a friendly deal that would add about 1,000 staff in northern Europe. CGI Group Inc. Source
  • Big banks set to reveal profits this week against the backdrop of improving economy

    Economic CBC News
    Canada's biggest banks could deliver another profitable season for investors as third-quarter results starting to roll in this week are expected to get a boost from the strengthening economy. Analysts expect modest improvements from the Big Six banks, which launch their quarterly earnings reports beginning with Royal Bank on Wednesday, but some suggest the industry could outdo the conservative predictions. Source
  • EU probes Bayer's planned buyout of Monsanto

    Economic CTV News
    BRUSSELS -- The European Union's anti-trust watchdog said Tuesday that it has launched a probe into German chemical maker Bayer's planned acquisition of U.S. seed and weed-killer company Monsanto.. The European Commission, which polices competition in Europe, said Tuesday it has concerns that the merger may reduce competition in areas like pesticides and seeds. Source
  • Retail sales inch higher to $49B in June

    Economic CBC News
    Sales at clothing stores increased in June, Statistics Canada reported Tuesday. (Shannon Stapleton/Reuters) Canadian retailers reported higher sales for the fourth straight month in June, as just about everything except cars and gasoline stations saw higher sales. Source
  • CGI Group moves to expand in northern Europe with friendly takeover of Affecto

    Economic CTV News
    HELSINKI - Canada's largest publicly traded IT services business is moving to expand its presence in Europe through the acquisition of Affecto PLC in a friendly deal that would add about 1,000 staff in northern Europe. Source
  • Asian stocks mixed after Wall Street sees gains

    Economic CTV News
    BEIJING - Asian stock markets were mixed Tuesday after Wall Street gained as investors looked ahead to this week's gathering of central bankers in Jackson Hole, Wyoming. KEEPING SCORE: Hong Kong's Hang Seng index gained 1 per cent to 27,421.58 points and Seoul's Kospi added 0.3 per cent to 2,362.40. Source