Stocks fell down a hole Wednesday and never quite came out, as energy prices boarded a downward elevator, over uncertainty over production by the Organization of the Petroleum Exporting Countries (OPEC).
The S&P/TSX Composite Index plunged 92.42 points to close Wednesday at 15,372.14
The Canadian dollar turned negative 0.36 cents to 74 cents U.S.
Energy stocks took the biggest pasting of the day, as Encana Corporation dipped $1.04, or 7.9%, to $12.21, while Cenovus Energy got bruised 68 cents, or 5.9%, to $10.91.
Telecoms were also in a bad way, as TELUS ducked back $1.17, or 2.6%, to $44.80, while BCE was punished 52 cents to $60.51.
Gold stocks dulled in price, as Goldcorp slipped six cents to $18.83, while Barrick Gold shrank seven cents to $22.79.
Financials tried to restore some balance, as Sun Life chugged ahead $1.70, or 3.9%, to $45.53, while National Bank gained 36 cents to $53.72.
In the consumer discretionary field, Magna International climbed 69 cents, or 1.1%, to $62.29, while Dollarama gained 61 cents to $128.59.
On the economic ledger, Statistics Canada reported Wednesday that municipalities issued $7.1 billion worth of building permits in April, down 0.2% from March, for the third straight monthly decrease.
Lower construction intentions for single-family dwellings were mainly responsible for the national decrease. The value of building permits declined in four provinces in April, led by Ontario and Alberta.
ON BAYSTREET
The TSX Venture Exchange gave back 7.7 points to 792.88
Eight of the 12 TSX subgroups stayed in the red on the day, as energy staggered 3.2%, telecoms were down 1.3%, and gold shed 0.7%
The four gainers were led by financials, climbing 0.5%, consumer discretionary stocks up 0.3%, and real-estate, inching up 0.1%.
ON WALLSTREET
U.S. equities closed higher on Wednesday as investors hoped the testimony from former FBI chief James Comey will be less damaging to President Donald Trump than previously feared.
The Dow Jones Industrials ended the day up 37.46 points to 21,173.69, with Boeing and UnitedHealth contributing the most gains.
The S&P 500 moved forward 3.81 points to 2,433.14, as financials led advancers, but a more than 1% drop in energy stocks capped gains.
The NASDAQ strengthened 22.31 points to 6,291.01
Firms reporting earnings Wednesday include ABM Industries and Greif Inc.
The Senate Intelligence Committee released Comey's full written testimony Wednesday afternoon, at which time the major indexes traded back near session highs.
Comey is slated to testify in front of the committee on Thursday and answer questions, marking the first time he publicly speaks since being fired from his post.
Trump abruptly fired Comey last month. While Comey was FBI chief, Trump allegedly asked Comey to ease off on a probe into Michael Flynn, the former national security advisor. The Washington Post reported Tuesday night that Trump asked his top intelligence official to get Comey to back off on Flynn's investigation.
Elsewhere, the European Central Bank is set to release its latest monetary policy decision on Thursday. While interest rates are expected to remain unchanged, the central bank may cut its inflation forecasts.
Prices for the benchmark 10-year Treasury note tailed off, raising yields to 2.18% from Tuesday’s 2.14%. Treasury prices and yields move in opposite directions.
Oil prices lost $2.43 to $45.76 U.S. a barrel
Gold prices slid $8.20 at $1,289.30 U.S. an ounce.
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