Stock markets in Toronto and New York endured sharp sell-offs Monday amid persistent worries about the health of the U.S. economy.
The S&P/TSX composite index fell 287 points to end the day at 13,387. Every industry sector finished in negative territory.
The metals and mining group plunged 5.9 per cent as investors bet that a U.S. slump would mean less demand for commodities like copper. Copper price hit a nine-month low.
Copper producer Teck Cominco dropped $2 to $33.90; FNX Mining fell $2.54 to $29.75.
The TSX gold group retreated by 4.5 per cent as bullion prices eased.
Energy stocks also took a two per cent dip as crude oil futures slid 64 cents to $90.63 US a barrel in New York trading.
The information technology group shed three per cent, largely because of weakness from Research in Motion. The maker of the BlackBerry wireless device saw its shares slide $6.74 to $101.02. RIM reports quarterly earnings on Thursday.
The Dow Jones industrial average dropped 172 points to 13,162. Only three of the Dow's 30 component stocks managed to eke out a gain. Alcoa's 3.7 per cent loss was the biggest on the Dow.
The Canadian dollar rose 1.10 cents to 99.43 cents US, as the loonie bounced back toward parity.
Inflation data from the U.S. last week showed consumer prices rose more than expected. That's led to a growing feeling that the U.S. Federal Reserve may not be as quick to lower interest rates.
October inflation data for Canada is released Tuesday at 7 a.m. ET.
More Money Headlines »
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- Chrysler Canada has overtaken Ford as the second-biggest vehicle seller in the country, bumping Ford out of the position it has held for decades.
- Toyota outdrives Ford in 2007 in U.S. market
- Toyota Motor Corp. moved into second spot in the U.S. market last year as it broke Ford's grip behind General Motors.
- Gold reaches another new high
- The price of gold hit new record levels on Thursday as it reached an intraday trading high of $871.20 US an ounce on the New York Mercantile Exchange.
- Ford picks India's Tata as top bidder for Jaguar, Land Rover
- Ford Motor Co. picked India's Tata Motors Ltd. as the top bidder for its Jaguar and Land Rover units, the Detroit automaker said Thursday.
- Florida cold snap didn't harm orange crops, say growers
- A blast of unusually cold weather doesn't appear to have damaged Florida's multibillion-dollar citrus crop, an industry spokesperson said Thursday.
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