Stocks in Toronto showed Tuesday there is still a lot of room to fall, as resource stocks took a particular pasting.
The S&P/TSX composite index tumbled 252.75 points, or 2%, to close the session at 12,282.65
The Canadian dollar gained 0.24 cents to 72.03 cents U.S.
Metals and mining stocks took their worst of it, Tuesday, as Potash Corporation of Saskatchewan lost 20 cents to $21.99, while MAG Silver swooned 26 cents, or 2.5%, to $10.28.
Energy stocks like Suncor got bruised $1.42, or 2.5%, to $29.95, while Crescent Point Energy was tagged 85 cents, or 5.8%, to $13.89.
Gold stocks had a rough day, too, with Barrick Gold slumping $1.02, or 6.2%, to $15.57, while Goldcorp suffered 90 cents, or 4.4%, to $19.62.
Among industrials – among the few gaining groups – Bombardier climbed three cents, or 3.9%, to 80 cents.
ON BAYSTREET
The TSX Venture Exchange closed negative 2.76 points to 505.49
Nine of the 13 TSX subgroups were lower on the day, as metals and mining stocks were clobbered 7.4%, while energy skidded 4.9%, and gold dulled 4.5%.
The four gainers were led by consumer staples, industrials and information technology, each up 0.7%.
ON WALLSTREET
U.S. equities closed near the flatline Tuesday after a choppy trading session, as U.S. oil prices seesawed and investors looked ahead to Federal Reserve Chair Janet Yellen's testimony.
The Dow Jones industrial average recovered from day-long lows, and fought its way to within 12.67 points of breakeven to finish at 16,014.38, with DuPont leading advancers and Chevron the greatest laggard.
The S&P 500 dropped 0.44 points to 1,853, with materials leading six sectors higher and energy the greatest laggard.
The NASDAQ index dipped 14.99 points to 4,268.76
Investors also kept an eye on oil prices Tuesday. WTI futures plunged 5.9%, or $1.75, to trade at $27.94 U.S. a barrel in choppy trading. Earlier, the International Energy Agency said that demand for oil will "ease back considerably" in 2016. U.S. crude, however, pared losses slightly in after-hours, holding above $28 U.S.
On Tuesday, investors looked ahead to Yellen's testimony in Congress, due Wednesday and Thursday
Coca-Cola, Viacom and Wendy's reported quarterly earnings before the open, with Disney results due after the bell.
On the data front, investors digested U.S. wholesale inventories data, which showed inventoried declined 0.1% in December, less than expected. Also, the latest JOLTS survey showed job openings rose in December.
Prices for the 10-year Treasury gained, lowering yields to 1.73% from Monday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices shed $1.30 a barrel to $28.39 U.S.
Gold prices dropped 25 cents to $1,188.98 U.S. an ounce.
