TSX continues to be punished due to falling commodities
Posted Sep 23, 2011 8:13 am.
This article is more than 5 years old.
The Toronto stock market has racked up losses for a third day as commodity prices continued to tumble amid worries about a global economic slowdown and a painful outcome to the European debt crisis.
The S&P/TSX composite index fell 152.26 points to 11,420.25, led by sell offs in mining, energy and financial stocks.
The Canadian dollar stabilized after four straight losing sessions had pushed the currency down about five cents to September, 2010 levels.
The loonie was up 0.09 of a cent to 97.42 cents (U.S.) after investors bailed out of anything remotely risky and piled into U.S. Treasury bonds.
U.S. markets were also in the red with the Dow Jones industrials down 40.84 points to 10,692.99. The NASDAQ composite index fell 2.97 points to 2,452.7 while the S&P 500 index lost 3.02 points to 1,126.54.
Stocks have tumbled over the past two sessions, sparked by the U.S. Federal Reserve’s warning that the U.S. economy faced sizable downside risks which added to uncertainty that Europe’s fiscal crisis cannot be contained.
Investors were not reassured by a pledge to stabilize markets from the world’s leading economies.
