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

    Bank Of Canada Keeps Benchmark Rate At 0.5% With Economy Unfolding As Expected

    Bank Of Canada Keeps Benchmark Rate At 0.5% With Economy Unfolding As Expected
    OTTAWA — The Bank of Canada left its trend-setting interest rate unchanged Wednesday, saying the economy is adjusting as expected to the bite of low commodity prices and weaker-than-anticipated U.S. demand. 

    Bank Of Canada Keeps Benchmark Rate At 0.5% With Economy Unfolding As Expected

    Pickup Trucks Dominate Most-stolen List In Canada

    Pickup Trucks Dominate Most-stolen List In Canada
    TORONTO — An insurance industry association says pickup trucks represent are the hottest vehicle for thieves.

    Pickup Trucks Dominate Most-stolen List In Canada

    Among The Rockettes At Radio City This Year Are 3 Alberta Sisters

    Among The Rockettes At Radio City This Year Are 3 Alberta Sisters
    NEW YORK — The world-famous Rockettes are supposed to look alike, but fans this Christmas might do a double take — and then a triple-take.

    Among The Rockettes At Radio City This Year Are 3 Alberta Sisters

    Mark Zuckerberg Welcomes His Daughter, And Will Devote $45 Billion To Combat World Ills

    Mark Zuckerberg Welcomes His Daughter, And Will Devote $45 Billion To Combat World Ills
    Talk about birth announcements: Facebook CEO Mark Zuckerberg and his wife said they'll devote nearly all their wealth — roughly $45 billion — to good works in celebration of their new baby daughter, Max.

    Mark Zuckerberg Welcomes His Daughter, And Will Devote $45 Billion To Combat World Ills

    Transport Canada Suspends Licence Of 'Ice Pilots' Air Carrier

    Transport Canada Suspends Licence Of 'Ice Pilots' Air Carrier
    YELLOWKNIFE — A northern air carrier behind the popular TV show "Ice Pilots" has been grounded.

    Transport Canada Suspends Licence Of 'Ice Pilots' Air Carrier

    Housing Affordability In Calgary An Issue For Refugees Arriving In City: Naheed Nenshi

    Housing Affordability In Calgary An Issue For Refugees Arriving In City: Naheed Nenshi
    Calgary Mayor Naheed Nenshi says there are more than enough rental spaces for Syrian refugees arriving in the city, but help from the private sector is needed to make sure those units are affordable.

    Housing Affordability In Calgary An Issue For Refugees Arriving In City: Naheed Nenshi