Selloff in Toronto Continues

Oil, Banks Heaviest Losers

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.

ON BAYSTREET

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%.

ON WALLSTREET

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.