North American markets spiraled today as global economic uncertainty and underwhelming corporate results caused stocks to slide.
Falling oil prices dragged the influential energy sector. Energy dropped 2.3 percent, putting downward pressure on the TSX which lost 127 points.
Oil fell four percent, slipping $3.29 to $66.07 US a barrel after Saudi Arabia, the world’s largest oil exporter, pledged that it would take a ‘responsible role’ in boosting output.
At one point today, the TSX hit its lowest level in six months with eight of the index’s 11 sectors dropping into the red.
Gold, often used as a safety net when markets are shaky, was an exception as it jumped $8.80 to $1,230 an ounce.
After heavy losses since the legalization of marijuana on Oct. 17, the health care lost another 3.3 percent as pot stocks rallied somewhat, however Aurora Cannabis plunged 11.7 percent in its New York Stock Exchange debut.
In New York, the Dow suffered triple digit losses, falling 125 points as earnings reports from bellwethers Caterpillar and 3M fell short of analysts’ expectations.
Caterpillar’s stock dropped 7.5 percent despite the industrial giant reporting its best third-quarter profit per share in company history.
The Nasdaq moved 31 points lower as tech heavyweights Microsoft and Intel and traded lower ahead of their earnings reports later this week.
Limiting losses was a 12.7 percent jump in Tesla shares and slight gains in Apple and Google parent Alphabet.
Ahead of the central bank’s decision on interest rates, the loonie strengthened 11/100ths of a cent to $0.7643 US.
