Close X
Monday, November 11, 2024
ADVT 
National

Dollar Drops, Toronto Stock Exchange Plunges As Oil Plummets To Below US$38 A Barrel

The Canadian Press, 07 Dec, 2015 01:10 PM
    TORONTO — Plunging oil prices dragged down the Toronto stock market by more than 300 points — about 2.4 per cent in mid-afternoon trading — as the Canadian dollar fell to levels not seen in more than a decade.
     
    The price of oil also dropped $2.25 to US$37.85 a barrel, falling to levels not seen since the 2008 financial crisis roiled world markets.
     
    The Organization of Petroleum Exporting Countries said Friday it would maintain current production levels for the next six months even as a worldwide supply glut shows no signs of easing.
     
    Oil has dropped from a high above US$110 in July 2014 as OPEC has pumped up supply while demand from big consumers such as China has sagged.
     
    Canada's oil-sensitive loonie dropped nearly 0.8 of a cent from Friday's close to 74.03 cents U.S. at noon on Monday.
     
     
    The dollar last closed below 74 cents U.S. on June 23, 2004.
     
    The Toronto stock market had fallen by 313.50 points, or 2.36 per cent, as of 2:25 p.m. ET, putting the index on track towards the biggest one-day decline since late September.
     
    The metals and mining sector was the biggest loser on the day, down 7.5 per cent, while the energy subsector was down 5.8 per cent.
     
    New York markets were also down, although they fell by less than the Canadian index
     
    The Dow Jones industrial average was down 118.89 points, or 0.7 per cent, the broader S&P 500 index fell 16.25 points, or 0.8 per cent, and the Nasdaq declined 40.39 points, or 0.8 per cent.
     
     
    The February gold contract fell $5.50 to US$1,080 per troy ounce. The January contract for natural gas was down 8.6 cents at US$2.073 per mmBtu.

    MORE National ARTICLES

    Four Days Of Paris Climate Talks Trim Draft Agreement Text By Four Pages

    Four Days Of Paris Climate Talks Trim Draft Agreement Text By Four Pages
    The United Nations sponsored conference got a shot of adrenaline Monday when 150 world leaders, including Prime Minister Justin Trudeau, showed up for the opening day at the invitation of host French President Francois Hollande.

    Four Days Of Paris Climate Talks Trim Draft Agreement Text By Four Pages

    Teen Shot Outside Surrey Elementary School Was Targeted, No One's Co-Operating: Police

    Teen Shot Outside Surrey Elementary School Was Targeted, No One's Co-Operating: Police
    Mounties have said two Caucasian males between the ages of 17 and 22 are believed to have been involved in the shooting Tuesday night.

    Teen Shot Outside Surrey Elementary School Was Targeted, No One's Co-Operating: Police

    Four Abbotsford Teens Arrested After Lockdowns At Several Schools

    Four Abbotsford Teens Arrested After Lockdowns At Several Schools
    It began just after 12 p.m. Thursday when four suspects, one possibly carrying a weapon, were involved in a dispute with a homeowner in the northeast corner of the Fraser Valley city.

    Four Abbotsford Teens Arrested After Lockdowns At Several Schools

    Canadian Sikhs Lauded For Helping Syrian Refugees

    Canadian Sikhs Lauded For Helping Syrian Refugees
    Canada's Immigration and Refugees Minister John McCallum has lauded the efforts of Sikhs to help thousands fleeing Syria, a media report said.

    Canadian Sikhs Lauded For Helping Syrian Refugees

    Charges Mount Against Suspect In Alleged Crimes In B.C. And Alberta

    Charges Mount Against Suspect In Alleged Crimes In B.C. And Alberta
    A 27-year-old man could face numerous charges in two provinces after a series of break-ins in northwestern Alberta and a dangerous attempt to escape from Mounties in northeastern B.C.

    Charges Mount Against Suspect In Alleged Crimes In B.C. And Alberta

    B.C. Town That Was To Lose Internet Service For Weeks Comes Back On Line

    B.C. Town That Was To Lose Internet Service For Weeks Comes Back On Line
    STEWART, B.C. — A speedy fix of Internet service has allowed a remote British Columbia town to go back to the future.

    B.C. Town That Was To Lose Internet Service For Weeks Comes Back On Line