The TSX tumbled sharply Tuesday as the selloff continues in Canadian stocks, mostly in resource and health care.
The S&P/TSX composite index came off its lows of the day, but still finished negative 288.35 points, or 2.1%, to close Tuesday at 13,491.09
The Canadian dollar moved lower 0.05 cents at 75.41 cents U.S.
Commodities were lower on Tuesday, as the U.S. dollar strengthens on hopes that the Fed is still on track to raise key rates this year.
Concerns on global demand amid excessive supply also took a toll on oil prices
Metals and mining stocks had the worst time of it. First Quantum Minerals was the most actively moving stock, losing 53 cents, or 8.4% to $5.77, on 7.2 million shares. Sherritt International was bruised seven cents, or 7.9%, to 82 cents.
Materials stocks were also punished, as Labrador Iron Ore Royalty swooned $1.61, or 10.1%, to $14.41, while Teck Resources slid 59 cents, or 7.7%, to $7.12.
Also faring not so well were health-care issues, as Valeant Pharmaceuticals were down $16.44, or 5.4%, to $287.10.
ON BAYSTREET
The TSX Venture Exchange moved down 8.42 points to 541.34
All 14 TSX subgroups fell hard Tuesday, mostly metals and mining, skidding 5%, materials, falling 4.4%, and gold, off 4.3%.
ON WALLSTREET
U.S. stocks closed more than 1% lower Tuesday as investors weighed declines in oil, concerns about global growth, and the implications of the Federal Reserve's rate hike decision.
The Dow Jones industrial average also came off day-long lows, but still fell 179.72 points, or 1.1%, to close at 16,330.47.
The S&P 500 dropped 24.35 points, or 1.2%, to 1,942.62, with materials plunging 1.8% to lead all 10 sectors lower.
The NASDAQ index slouched 72.23 points, or 1.5%, to 4,756.72, clinging to gains for the year so far. Earlier, the index fell more than 2% to join the other major averages in negative territory for 2015.
The blue-chip index was about 11% from its 52-week high, in correction territory. The S&P and NASDAQ composite remained within 10% of their 52-week highs.
Commodities set the tone, with copper slumping more than 3.5%.
Meanwhile, miners were slammed with Glencore down more than 10% in overseas trade.
Materials closed down 1.8%, after earlier plunging more than 2.5%, to lead all S&P sectors lower. Goldman Sachs, United Technologies and IBM put the greatest pressure on the blue-chip index.
On the earnings front, AutoZone, ConAgra, Darden and General Mills posted better-than-expected results.
In a day of light economic news, the July U.S. Federal Housing Finance Agency's home price index showed an increase of 0.6%.
Prices for 10-year U.S. Treasuries hiked, lowering yields to 2.14% from Monday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices slipped 85 cents a barrel to $45.83 U.S.
Gold prices slid $8.50 to $1,124.30 U.S. an ounce.
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