The Toronto stock market slid deeper into negative territory as traders launched a broad-based selloff, with the energy sector taking the biggest declines by far.
The S&P/TSX composite index fell 284.11 points, or 1.9%, to close Thursday at 14,588.38
The Canadian dollar moved down 0.08 cents to 87.89 cents U.S.
Overall, energy stocks dropped as Canadian Natural Resources fell back $1.75, or 4.5% to $8.47, and Birchcliff Energy fell $1.30, or 13.3%, to $39.41
Metals and mining stocks got tagged, also, as First Quantum Minerals fell $1.18, or 6.4%, to $17.41, while Teck Resources was bludgeoned 78 cents or 4.5% to $16.74.
The gold sector was also lower while Barrick Gold hesitated 43 cents, or 3.1%, to $13.59, and Goldcorp dipped 69 cents, or 2.9%, to $22.79.
Financials were stung as TD Bank lost $2.84, or 5%, to $54.07, after coming out with quarterly figures. CIBC also reported today, and dove $3.81, or 3.6%, to $103.35.
On the economic front, Western University’s Ivey Purchasing Managers Index by the end of October 2014 stood at 51.2, compared to 58.6 for September 2014, and 62.8 for October 2013.
The survey solicits purchasing managers across the country asking whether their purchases during the month were more, less or the same as the month before. A figure above 50 shows an increase while below 50 shows a decrease.
ON BAYSTREET
The TSX Venture Exchange gave back 14.25 points to 707.38
All 14 Toronto subgroups were negative on the day, with energy plummeting 5%, while metals and mining shed 3.1%, and gold slid 2.5%.
ON WALLSTREET
U.S. stocks fell on Thursday, with benchmarks not far from record highs, as investors considered reports that the European Central Bank would consider a broad-based package of quantitative easing in January and awaited the monthly jobs report.
The Dow Jones Industrials was negative 12.52 points to close Thursday at 17,900.10. Chevron led blue-chip losses that extended to 17 of 30 components.
The S&P 500 subtracted 2.41 points to 2,071.92. The NASDAQ index finished negative 5.03 points to 4,769.44
Fewer Americans filing for unemployment benefits last week, with jobless claims falling by 17,000 to 297,000, the U.S. Labor Department said.
On Friday, the government releases the November payrolls report.
The ECB met Thursday under growing pressure to prevent the bloc's economy from entering recession. The bank has already cut borrowing costs to record lows, given cheap loans to banks, and started buying debt to kick-start lending and bolster growth.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.26% from Wednesday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices dipped 66 cents to $66.72 U.S.
Gold prices fell $2.10 at $1,206.80 U.S.
