Wednesday, October 22, 2008

Markets return to losing ways

Canada's benchmark stock index tumbled to another triple-digit loss on Tuesday as oil prices retreated and the Bank of Canada sounded warnings in its economic outlook.

The S&P/TSX composite index fell 455.48 points, or 4.4 per cent, at 9,795.92, with energy, financial and gold stocks again leading the way down.

The energy sub-index was down almost five per cent as the November contract for light, sweet crude gave back $3.36 US to fall to $70.89 a barrel.

The financial services group was off more than four per cent, with Sun Life Financial shares down 13.2 per cent at $29.27. Before markets opened, Sun Life reported a third-quarter loss of $396 million, mainly due to its exposure to failed U.S. financial institutions Lehman Brothers, Washington Mutual and American International Group.

The TSX gold group was down 8.9 per cent, while the materials group shed just under eight per cent.

On U.S. markets, the Dow Jones industrial average was off 2.5 per cent, or 231 points, at 9,033.66.

The Nasdaq composite index was off four per cent to 1,696.68, while the S&P 500 gave up three per cent to reach 955.05.



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