Equity markets in Canada’s largest market suffered heavy losses, albeit not so severe as their American cousins, as declines in energy stocks were not quite counteracted by gains in the gold mines.
The S&P/TSX Composite Index descended 129.19 points to end the day at 15,313.13
The Canadian dollar sank 0.08 cents to 74.89 cents U.S.
Energy stocks took a pounding, as EnCana Corporation suffered 33 cents, or 2.3%, to $14.12, while Imperial Oil doffed 21 cents to $40.88.
Banks were also shaking off the negatives, as ManuLife Financial slid 97 cents, or 4%, to $23.04, while BMO was conked $1.40, or 1.4%, to $98.65.
In consumer discretionary stocks, Canadian Tire dropped 78 cents to $151.22, while Ritchie Bros. Auctioneers fell 13 cents to $41.79.
The most influential upward movers on the index included Barrick Gold, which advanced 53 cents, or 2.1%, to $25.99, while IAMGOLD took on a dime, or 1.9%, to $5.33.
Telecoms managed to keep their heads above water, as BCE prospered 44 cents to $58.00, while Rogers Communications moved up 21 cents to $56.21.
Among utilities, Hydro One acquired nine cents to $23.54, while Fortis Inc. gained 12 cents to $42.65.
Sources say the Organization of the Petroleum Exporting Countries have indicated the group's members increasingly favour an extension but want the backing of non-OPEC oil producers, which have yet to deliver fully on existing cuts.
On the economic calendar, Statistics Canada reported that retail sales rose 2.2% to $46.0 billion in January, led by four sub-sectors that rebounded from lower sales in December.
The agency adds, excluding sales at motor vehicle and parts dealers, retail sales advanced 1.7%.
ON BAYSTREET
The TSX Venture Exchange stumbled 7.27 points to 804.36
Seven of the 12 TSX subgroups remained negative on the session, with energy down 1.6%, while consumer discretionary and financials each handed back 1.3%.
The five gainers were led by gold, popping 2.2%, while telecoms and utilities, were each better by 0.3%.
ON WALLSTREET
U.S. equities posted their worst day of the year Tuesday as banks faced pressure from falling yields, while investors turned their eyes to a key House of Representatives vote.
The Dow Jones Industrials plummeted 237.85 points, or 1.1%, to 20,668.01, with Goldman Sachs bruised the worst, and Coca-Cola gaining the most.
The S&P 500 slumped 29.45 points, or 1.2%, to 2,344.02, with financials leading eight sectors lower and utilities the top advancer.
The indexes were also posted their first decline of at least 1% since October.
The NASDAQ faltered 107.7 points, or 1.8%, to 5,793.83, having hit an all-time high during the day. Shares of Apple also hit an all-time high after the firm announced a new version of its 9.7-inch iPad and special editions for the iPhone 7 and iPhone 7 Plus.
Retail stocks also took a hit Tuesday, as a Republican lawmaker told the media that a border adjustment tax will probably appear in the final tax reform plan.
House Republicans are expected to vote on repealing and replacing the Affordable Care Acton Thursday.
On the data front, fourth-quarter current account figures showed the deficit fell, hitting its lowest level in more than a year, as an increase in the primary income surplus offset a soybean-driven drop in exports.
Meanwhile, the Philadelphia Federal Reserve non-manufacturing index slipped in March, but still showed overall business growth.
Prices for the benchmark 10-year Treasury note gained, lowering yields to 2.42% from Monday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices sank 88 cents to $47.50 U.S. a barrel
Gold prices gained $11.10 to $1,245.10 U.S. an ounce.
