The TSX fell deeper into the negative territory Thursday afternoon, as fears over the health of the global economy continued to weigh on stocks.
The S&P/TSX composite index plummeted 299.63 points, or 2.1%, to end Thursday at 13,737
The Canadian dollar inched up 0.26 cents at 76.44 cents U.S.
The TSX index sustained its ninth decline in 11 sessions.
The health-care group suffered, with Valeant Pharmaceuticals sliding $21.47, or 6.7%, to $298.75, following reports that said it is close to buying female Viagra maker Sprout Pharmaceuticals for $1 billion.
Also roughed up were consumer discretionary stocks, primarily Linamar Corp., down $4.05, or 5.6%, to $68.03, and Martinrea International, off 67 cents, or 5.3%, to $11.94.
Energy stocks were down as well, as Lighstream Resources, sliding 5.5 cents, or 12.5%, to 38.5 cents, while Bonavista Energy surrendered 30 cents, or 8%, to $3.43.
Gold stocks, on the other hand, bolted higher, mostly on the strength of Oceana Gold, sprinting 17 cents, or 6.7%, to $2.72, while Yamana Gold jumped 16 cents, or 5.4%, to $3.15.
Bombardier was the most heavily traded stock, tacking on eight cents, or 6.7%, to $1.27, on 30.4 million shares.
On the economic front, Statistics Canada reported this morning that
531,700 people drew regular Employment Insurance benefits in June, up 5,200 or 1% from May.
The agency also told us that wholesale trade rose 1.3% to $55.3 billion in June, more than offsetting the decline in May, on the strength of gains in five of seven sub-sectors. In the second quarter of 2015, wholesale sales rose 2.1% compared with the first quarter.
ON BAYSTREET
The TSX Venture dwindled 8.34 points to 549.83.
All but three of the 14 TSX subgroups were lower on the day, with health-care off 4.7%, consumer discretionaries trailing 2.6%, and energy failing 2.5%.
The three gainers were gold, shining 3.8% brighter, materials, up 0.5%, and metals and mining, ahead 0.1%.
ON WALLSTREET
U.S. stocks closed near session lows, off about 2%, as investors weighed continued uncertainty about the timing of a rate hike and concerns about global growth headed by slowing in China.
The Dow Jones industrial average took a header of 358.04 points, or 2.1%, to 16,990.69, with Merck and Disney leading all blue chips lower. The index is off more than 4.5% for the year so far.
The S&P 500 dropped 43.88 points, or 2.1%, to 2,053.73, falling into the red for 2015 and closed down 1.1% for the year. Consumer discretionary led all 10 sectors lower with a decline of 2.8% for its worst daily performance since June 1, 2012. Energy is the greatest laggard for the year, down more than 18%.
The S&P 500 and Dow Jones industrial average both had their worst day since Feb. 3, 2014.
The NASDAQ index stumbled 141.56 points, or 2.8%, to 4,877.49, with Apple off 2%. Still, the NASDAQ is up about 3% year-to-date.
In earnings news, Sears lost an adjusted 67 cents U.S. per share for its latest quarter, smaller than the loss of $2.50 U.S. estimated by the lone analyst providing an estimate. Profit margins improved at both the Sears and Kmart chains, but same-store sales declined. The stock closed down 1.6%.
Shares of Nortek spiked 17% on a Dow Jones report that United Technologies is in talks to acquire the maker of ventilation systems.
Twitter plunged nearly 6% to close at its IPO price of $26 U.S. a share, after dipping below in intraday trade.
Hewlett Packard, Gap, Intuit, Marvell Tech, Ross Stores, Salesforce.com and Fresh Market are all due after the bell.
Initial U.S. jobless claims data came in at 277,000, but remained consistent with an improving labour market trend that could support a rate hike this year.
The Philadelphia Fed index for August came in at 8.3, while leading indicators declined 0.2% in July. Existing home sales rose to an eight-year high.
Prices for 10-year U.S. Treasuries improved, lowering yields to 2.07% from Wednesday’s 2.12%. Treasury prices and yields move in opposite directions.
Oil prices gained 34 cents a barrel to $41.1 4 U.S.
Gold prices hiked $23.80 to $1,151.70 U.S. an ounce.
Related Stories
