TSX and Dow take another hit

Nervous traders are being blamed for sending Bay and Wall streets for a tumble Thursday. The TSX suffered it’s sixth straight loss, dropping 259.82 points or 2.23 per cent to 11,406, led by losses in commodity stocks. The Dow shed 376 points or 3.6 per cent, at 10.068, its biggest one-day drop since February 2009 as worries over European debt really take hold. As investors sought the safe haven of the U.S. dollar, the loonie took a hit of 2.12 cents to end the day at 93.65 cents (US). Benchmark crude for June delivery lost $1.86 to settle at $68.01 a barrel on the Nymex. Prices tumbled as low as $64.24 earlier in the day, the lowest price for oil since July. Oil has shed nearly 22 percent of its value since hitting $86.84 on April 6. A senior economist with T.D. Financial tells 660News, investors are looking for some assurances that action will soon be taken to pay down european debt, eliminating countries like Greece , Portugal and Spain from defaulting. Derek Burleton says sometimes the markets develop their own monster mentality, and right now, that monster is only focused on negative economic news, leading to days of red numbers.