Toronto, New York markets fall again
Posted Aug 5, 2011 10:38 am.
This article is more than 5 years old.
TORONTO, Ont. – The Toronto stock market tumbled again Friday, a day after investors punished stocks and sparked the worst one-day decline in two years.
The S&P/TSX composite index fell 216.03 points or 1.74 per cent to 12,164.1, while the Dow was down 79.73 points to 11,303.95.
The Nasdaq composite index lost 34.79 points to 2,521.6 while the S&P 500 index declined 10.77 points to 1,189.3.
The Canadian dollar was down 0.04 of a cent to 102.05 cents (U.S.).
The energy sector fell 2.5 per cent as the September oil contract on the New York Mercantile Exchange lost 61 cents to $86.02 after plunging more than $5 Thursday.
The mining sector lost 2.43 per cent as the September copper contract lost five cents to $4.18 a pound.
Traders looking for safety pushed the December gold contract up $1.90 to $1,650.90 an ounce, leaving the gold index slightly lower.
Investors continued to selloff on foreign markets Friday as Japan’s Nikkei 225 stock average slid 3.7 per cent, Hong Kong’s Hang Seng dived 4.3 per cent while China’s Shanghai Composite Index lost 2.2 per cent.
European bourses were mainly lower as leaders face the prospect that Italy and Spain won’t be able to hold out until a new, strengthened bailout fund is in place to prop them up.
Italian and Spanish bonds traded at levels that threaten those countries ability to raise money in the bond markets to pay off debts.
London’s FTSE 100 index dropped 0.88 per cent, Frankfurt’s DAX lost 0.57 per cent while the Paris CAC 40 was up 1.57 per cent.
