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

    Canadian Woman Honours Stranger Who Died After Paying For Her Groceries

    Canadian Woman Honours Stranger Who Died After Paying For Her Groceries
    Jamie-Lynne Knighten says Matthew Jackson stepped up to pay her $200-bill on Nov. 10 after her credit cards were declined at the cash register.

    Canadian Woman Honours Stranger Who Died After Paying For Her Groceries

    Canada Needs Strategy To Combat Influence Of Money In U.S. Politics: Ambassador

    OTTAWA — Canada's ambassador to the U.S. says this country needs to find a way to combat the influence of big money in American politics, which is getting in the way of the interests of both countries.

    Canada Needs Strategy To Combat Influence Of Money In U.S. Politics: Ambassador

    Dark, Rainy Conditions Before Serious Langley Crash That Injured Driver: Police

    Dark, Rainy Conditions Before Serious Langley Crash That Injured Driver: Police
    RCMP say an eastbound Toyota Tacoma collided with a northbound Subaru Impreza just before 8 p.m. Tuesday.

    Dark, Rainy Conditions Before Serious Langley Crash That Injured Driver: Police

    Ontario Auditor Finds Hydro Consumers Pay Billions Extra For Liberal's Decisions

    TORONTO — Auditor general Bonnie Lysyk says electricity customers in Ontario have paid billions of dollars for the Liberal government's decisions to ignore its own planning process for new power generation projects.

    Ontario Auditor Finds Hydro Consumers Pay Billions Extra For Liberal's Decisions

    Frigid Dip Into B.C. Fishing Harbour No Escape For Alleged Bike Thief: RCMP

    Frigid Dip Into B.C. Fishing Harbour No Escape For Alleged Bike Thief: RCMP
    RCMP in Richmond, B.C., say officers responding to a report of a theft at an apartment building confronted the suspect who was observed with a bike.

    Frigid Dip Into B.C. Fishing Harbour No Escape For Alleged Bike Thief: RCMP

    Drugs May Have Caused The Deaths Of Two Men 48 Hours Apart In Quebec Home: Cops

    Drugs May Have Caused The Deaths Of Two Men 48 Hours Apart In Quebec Home: Cops
    SAGUENAY, Que. — Quebec police say drugs may have caused the deaths of two men who were found 48 hours apart in the same bed.

    Drugs May Have Caused The Deaths Of Two Men 48 Hours Apart In Quebec Home: Cops