North American stock markets sink at the start of trading, oil price down

 

Canadian's main stock index posted a triple-digit drop in early trading as the energy sector led a broad-based decline, while U.S. stock markets also plunged into the red.

The S&P/TSX composite index was down 251.63 points at 14,706.46.

In New York, the Dow Jones industrial average was down 621.77 points at 24,396.39. The S&P 500 index was down 68.80 points at 2,813.43, while the Nasdaq composite was down 168.80 points at 8,175.45.

The Canadian dollar traded for 72.82 cents US compared with an average of 72.83 cents US on Tuesday.

The April crude contract was down US$1.14 at US$33.22 per barrel and the April natural gas contract was up 0.6 of a cent at US$1.942 per mmBTU.

The April gold contract was up US$4.00 at US$1,664.30 an ounce and the May copper contract was down 1.70 cents at US$2.5045 a pound.

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