The selloff of stocks in markets the world over showed no sign of abating Monday, as indexes on both sides of the border took very hard hits.
The S&P/TSX Composite Index slumped 271.22 points, or 1.7%, to close Monday at 15,334.81
The Canadian dollar retreated 0.63 cents to 79.85 cents U.S.
Energy stocks staggered the worst, most notably Pattern Energy Group, which plummeted 68 cents, or 2.7%, to $24.66, while Granite Oil ditched seven cents, or 3.1%, to $2.20.
In the financial sector, Toronto Dominion Bank lost $2.28, or 3.1%, to $71.66, and Canadian Imperial Bank of Commerce gave back $3.29, or 2.8%, to $115.71.
Among consumer discretionary, which also bled Monday, Canadian Tire fell off $3.53, or 2.1%, to $162.15, while Magna International slouched $1.85, or 2.7%, to $65.75.
Among industrial stocks, Bombardier Inc slipped 14 cents, or 4.2%, to $3.17.
The TSX Venture Exchange collapsed 8.45 points, or 1%, to conclude a rollercoaster day at 803.23
All 12 TSX subgroups were still in the red, as energy skidded 2.9%, financials tanked 2.3%, and consumer discretionary stocks faded 1.8%.
U.S. stocks fell sharply in volatile trading Monday, extending a steep selloff from the previous session.
The Dow Jones Industrial plummeted 1,175.21 points, or 4.6%, to 24,325.75. The 30-stock index also broke below 25,000 and erased its 2018 gains.
The S&P 500 fell 113.19 points, or 4.1%, to 2,648.94. The broad index had traded positive earlier on Monday as the tech sector briefly rose.
The S&P 500 also traded down more than 5% from an all-time high set last month and broke below its 50-day moving average, a key technical level.
The NASDAQ erased 273.42 points, or 3.8%, to 6,967.53. Earlier gains in Apple and Amazon helped the tech-heavy index trade off its lows.
The major indexes also capped off their worst weekly performance in two years on Friday following a steep selloff. The Dow and S&P 500 pulled back 4.1% and 3.9% respectively, last week. The NASDAQ lost 3.5%
Stocks began the New Year ripping higher. The Dow and S&P 500 had their best monthly gains since March 2016 last month. The NASDAQ posted its biggest one-month gain since October 2015 in January. The major indexes had also notched record highs.
Prices for the benchmark 10-year Treasury note gained sharply, lowering yields to 2.72% from Friday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.64 a barrel to $63.81 U.S.
Gold prices were up $3.20 to $1,340.50 U.S. an ounce.