The Toronto stock market tumbled more than 200 points Wednesday as markets gave back a chunk of gains collected over the previous four days of solid, triple-digit advances.
The S&P/TSX composite index capsized 235.64 points, or 1.6%, to end Wednesday at 14,312.07
The Canadian dollar gave back 0.15 cents at 88.96 cents U.S.
Losses picked up at mid-morning when reports surfaced that a gunman had opened fire at the National War Memorial in Ottawa, fatally wounding a soldier, then moved to nearby Parliament Hill and wounded a security guard before the attacker was himself shot dead.
A manhunt was still underway in the national capital, with reports there may have been as many as three gunmen.
The TSX gained almost 700 points over the previous four sessions in a rebound that followed a big selloff in markets triggered in part by worries about the global economy. The TSX is down 7% from the record highs that were set in early September, although still ahead 6% year to date.
In earnings news, Canadian National Railway posted net income of $853 million, up 21% from a year earlier. Revenues grew 16% to a record $2.7 billion but adjusted earnings came in at $1.04, a penny short of expectations and its shares dipped 50 cents to $75.18.
Canadian Pacific also delivered earnings Tuesday and, in a conference call, CEO Hunter Harrison said the status quo is in the railway industry is unacceptable and mergers are a possible solution. Its shares fell $3.42, or 1.5%, to $221.16.
The energy sector tumbled as Imperial Oil gave back $1.57, or 3%, to $50.99, while Suncor fell 96 cents, or 2.5%, to $37.90.
The base metals sector also declined while December copper was down one cent at $3.02 U.S. a pound. Shares in Teck Resources dipped 42 cents to $17.65.
Financials were also a major drag, as Royal Bank shrank 63 cents to $79.46, and Bank of Nova Scotia sank $1.16 to $66.77.
The gold sector fell as Barrick Gold dropped 22 cents to $15.07, and Kinross Gold doffed 14 cents to $3.12.
On the economic docket, Statistics Canada reported that retail sales declined 0.3% in August to $42.4 billion. This second consecutive monthly decrease follows gains in the six previous months. The agency added that sales were down in seven of 11 sub-sectors, representing 76% of retail trade.
The Bank of Canada rate announcement surprised no one. The central bank maintained its target for the overnight rate at 1%, and the deposit rate is ¾%. The overnight lending rate has been stationed at 1% for several years now.
ON BAYSTREET
The TSX Venture Exchange faded 14.26 points to 808.02.
All 14 Toronto subgroups were lower, as energy lost 3.3%, while gold and the metals and mining group each fell 3.1%.
ON WALLSTREET
U.S. stocks turned lower on Wednesday, following the S&P 500's biggest jump in a year, as investors considered the fatal shooting of a soldier in Ottawa, reports of gunfire in the halls of Canada's Parliament and oil falling to a more-than two-year low.
The Dow Jones Industrials stumbled 153.49 points to 16,461.32, after a jump of more than 200 points Tuesday.
The S&P 500 lost 14.17 points to 1,927.11. The NASDAQ index sank 36.63 points to 4,382.85.
Boeing declined after the plane manufacturer reported quarterly results, as analysts questioned the costs of its 787 Dreamliner; Yahoo rose after the search engine reported quarterly results that topped estimates.
The U.S. Labor Department's Consumer Price Index edged up 0.1% in September after falling 0.2% the prior month.
Prices for 10-year U.S. Treasuries fell, raising yields to 2.23% from Monday’s 2.21%. Treasury prices and yields move in opposite directions.
Oil prices lost $2.04 to $80.45 U.S. a barrel.
Gold prices slipped $10.50 to $1,241.20 U.S. an ounce.
