Canada's main stock index dropped 2% on Wednesday, with shares of energy producers sharply lower as oil prices tumbled on a weak outlook for demand in 2015.
The S&P/TSX composite index tumbled 289.99 points to greet noon at 13,905.74
The Canadian dollar dumped 0.29 cents to 87.08 cents U.S.
The heavyweight energy sector is down 42% since the middle of June
Among energy producers, Canadian Natural Resources lost 3.1% to $34.67 and Crescent Point Energy Corp shed 8% to $22.94.
Financials fell, with Bank of Montreal losing 1.5%to $78.06 and Royal Bank of Canada off 1.5% to $78.72.
The gold-mining sector climbed as Barrick Gold advanced 3.1% to $14.22, and Goldcorp added 1.6% to $23.61.
Yamana Gold Inc jumped 3.7% to $5.09, after the miner said it will place some of its Brazilian assets, deemed non-core, into a subsidiary dubbed Brio Gold, and will explore a potential sale along with other options for the unit in 2015.
ON BAYSTREET
The TSX Venture Exchange let go of 12.27 points to 672.61
All but two of the 14 Toronto subgroups were down, with energy shedding 5.5%, industrials down 1.9%, and the metals and mining group sliding 1.8%.
The two gainers were gold, advancing 0.8%, and materials, ahead 0.3%.
ON WALLSTREET
U.S. stocks declined on Wednesday, furthering the week's losses, as the price of crude fell to multi-year lows and the Organization of Petroleum Exporting Countries cut its demand outlook for next year.
The Dow Jones Industrials swooned 156.18 points to pause for lunch at 17,645.02, with Chevron and Exxon Mobil leading blue-chip losses that extended to 27 of 30 components.
The S&P 500 faltered 16.45 points to 2,043.37, with the energy sector hardest hit and all 10 of its major industry groups in decline.
Energy companies led by Oneok, Denbury Resources, Newfield Exploration and Nabors Industries were the session's worst performers among the S&P 500.
The NASDAQ index slid 35.76 points to 4,730.71.
Toll Brothers edged lower after the home builder reported mixed quarterly results.
Yum Brands fell after the operator of Taco Bell and other fast-food brands cut is profit outlook for the year for a second time.
Costco Wholesale climbed after the warehouse-club operator posted a better-than-expected quarterly profit and GlaxoSmithKline declined after Bank of America Merrill Lynch downgraded its stock to underperform from neutral.
OPEC reduced its estimate for 2015 by roughly 300,000 barrels a day, with the cartel saying the effect of the 40% drop in prices on supply and demand is uncertain.
Prices for 10-year U.S. Treasuries eked up, lowering yields to 2.20% from Tuesday’s 2.22%. Treasury prices and yields move in opposite directions.
Oil prices skidded $3.11 to $60.71 U.S.
Gold prices fell $3.90 at $1,228.10 U.S.
