TSX pulls back as oil, gold retreat
Tumbling prices for oil and gold helped send stocks in Toronto into retreat in trading on Tuesday as the S&P/TSX composite index fell 471.51 points, or more than three per cent, to end at 13,299.74.
After Hurricane Gustav apparently proved far less damaging to Gulf of Mexico oil installations than had been feared, the price of crude fell, taking energy stocks down with it.
Light, sweet crude for October delivery fell $5.75 to settle at $109.71 US, which helped to send the the TSX energy sub-group down by 6.5 per cent.
The gold sub-index was off more than 6.5 per cent as the September futures contract price for bullion tumbled by $24.30 US an ounce to close at $805 US.
The materials group retreated by 5.9 per cent, while the mining sub-index gave back 4.9 per cent.
The only one of the sub-groups to post a gain was real estate, which was up by only 0.04 per cent.
After gaining more then 200 points earlier in the day, the Dow Jones industrial average ultimately finished with a loss of 26.63 points at 11,516.92. Nasdaq finished down 18.28 at 2,349.24.
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