Stocks reversed course early Monday and headed sharply downward, and once again, energy stocks were the chief culprit.
The S&P/TSX composite index stumbled 73.17 points to begin the day and week at 14,680.48
The Canadian dollar scaled back 0.03 to 84.82 cents U.S.
Yamana Gold Inc said it would seek the annulment of an Argentine court-appointed arbitrator's assessment that the company should pay $244 million to a director of Samco Gold Ltd. Yamana shares were listed at $4.70, in the lower portion of a broad 52-week range.
ON BAYSTREET
The TSX Venture Exchange dipped 2.74 points to 704.08.
All but four of the 14 Toronto subgroups were lower to begin the day’s trading, as energy plummeted 2.5%, metals and mining suffered 1.8% and global base metals fell 1.2%.
The four gainers were led by gold, up 0.8%, while consumer staples and utilities each inched up 0.1%.
ON WALLSTREET
U.S. stocks fell sharply on Monday, with energy companies leading losses as the price of oil fell to its lowest since 2009.
The Dow Jones Industrials staggered 139.55 points to 17,693.44.
The S&P 500 dropped 16.16 points to 2,042.04.
The NASDAQ index fell 26.25 points to 4,700.56.
Exxon Mobil, Chevron and other oil producers fell with the price of crude.
On Friday, U.S. stocks rose in light volume following the Christmas holiday, with the Dow and S&P 500 closing at records.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.09% from Friday’s 2.12%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.62 per barrel to $51.06 U.S.
Gold prices boosted $8.10 an ounce at $1,194.30 U.S.
