Close X
Thursday, November 14, 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

    Lead-footed B.C. Drivers To Get Digital Reminder To Slow Down In Bad Weather

    Lead-footed B.C. Drivers To Get Digital Reminder To Slow Down In Bad Weather
    VANCOUVER — B.C. drivers oblivious to bad weather conditions will soon have a high-tech reminder to slow down.

    Lead-footed B.C. Drivers To Get Digital Reminder To Slow Down In Bad Weather

    Judge Rules B.C. Crown Can Continue Bid To Argue Mentally Ill Dad Allan Schoenborn High-risk

    Judge Rules B.C. Crown Can Continue Bid To Argue Mentally Ill Dad Allan Schoenborn High-risk
    VANCOUVER — A judge has ruled British Columbia Crown lawyers can proceed with legal arguments aimed at indefinitely locking up a mentally ill man who killed his three children.

    Judge Rules B.C. Crown Can Continue Bid To Argue Mentally Ill Dad Allan Schoenborn High-risk

    Odds-defying Prostate Cancer Drug Developed In B.C. Hits Clinical Trials

    Odds-defying Prostate Cancer Drug Developed In B.C. Hits Clinical Trials
    VANCOUVER — A made-in-British Columbia treatment is offering fresh hope to men battling prostate cancer.

    Odds-defying Prostate Cancer Drug Developed In B.C. Hits Clinical Trials

    Don't Fear Us, Even The Single Men, Syrian Refugees Tell Canadians

    Don't Fear Us, Even The Single Men, Syrian Refugees Tell Canadians
    AMMAN, Jordan — Khaled Dos says he understands why Canada is focusing on families as it chooses thousands of potential new citizens from among the millions of Syrian refugees desperate for a fresh start.

    Don't Fear Us, Even The Single Men, Syrian Refugees Tell Canadians

    Breast Milk Site To Open In Winnipeg; Donations To Help Sick Babies

    Breast Milk Site To Open In Winnipeg; Donations To Help Sick Babies
    WINNIPEG — The Winnipeg Regional Health Authority is opening a site where  registered donations of breast milk will be accepted.

    Breast Milk Site To Open In Winnipeg; Donations To Help Sick Babies

    B.C. Union Workers Say They Want Legalized Pot To Be Sold In Their Stores

    B.C. Union Workers Say They Want Legalized Pot To Be Sold In Their Stores
    BURNABY, B.C. — The unions representing British Columbia liquor retail workers want legalized marijuana to be sold in their stores.

    B.C. Union Workers Say They Want Legalized Pot To Be Sold In Their Stores