Canada's benchmark stock index lost big time on another bleak day for commodities like oil, gold and copper.
The S&P/TSX composite index plummeted 373.99 points, or 2.8%, to close Monday at 13,004.58
The Canadian dollar fell 0.32 cents at 74.69 cents U.S.
The TSX is now down by almost 6% since the start of September. If it holds, that's the worst month for the index since 2012, and the June-to-September period would be the worst three-month period for Canada's benchmark stock index since 2011.
Health-care stocks took the worst battering. Canada's largest drug company, Valeant Pharmaceuticals, was off by $41.98, or 15.8%, to $223.03. Valeant shares have moved lower for five straight trading days ever since drug prices became a campaign issue in the U.S. election last week.
The company's shares have lost 22% since the selloff began. Valeant has slid from being Canada's biggest company to its third-largest by market capitalization in the process.
Metals and mining stocks were also tagged, as Capstone Mining lost two cents, or 4.4%, while First Quantum Minerals collapsed 80 cents, or 14.6%, to $4.67.
In the gold sector, Barrick Gold slid 35 cents, or 4%, to $8.40, while Agnico Eagle Mines stumbled $1.44, or 4.2%, to $33.15.
ON BAYSTREET
The TSX Venture Exchange slid 14.72 points to 526.78
All but one of the 14 TSX subgroups were lower Monday, with health-care plunging 10.2%, metals and mining sliding 9%, and materials off 4.4%.
The lone gainer was in telecoms, eking up 0.1%.
ON WALLSTREET
U.S. stocks closed sharply lower Monday as uncertainty about the timing of a rate hike and concerns about global economic growth continued to weigh on sentiment.
The Dow Jones industrial average plunged 312.78 points, or 1.9%, to 16,092.12, off about 312 points, but holding just above the psychologically key 16,000 level. Earlier, the index dipped below 16,000 for the first time since Sept. 1. The last close under that level was on Aug. 25. Visa led decliners and Johnson & Johnson eked out a slight gain.
The S&P 500 faltered 49.47 points, or 2.6%, to 1,881.87, falling below the psychologically key level of 1,900 for the first time since Aug. 26. Health care fell more than 4% as the greatest decliner.
Goldman Sachs was the greatest weight on the blue-chip index. The Dow and S&P are on track for their worst quarter in four years.
The NASDAQ index lost 142.53 points, or 3%, to 4,543.97. Apple closed nearly 2% lower despite news that it sold more than 13 million units of the new iPhone 6s and 6s Plus models in a record first weekend of sales.
The NASDAQ composite became the last of the three major averages to flash a death cross, in which the 50-day moving average falls below the 200-day. The index is on track for its worst quarter in about three years.
Shares of Valeant closed down nearly 17% amid news that Democrats are pressing a Republican committee chairman to force the pharmaceutical firm to turn over documents tied to a price hike from earlier this year.
New York Fed President William Dudley said the central bank will likely raise rates this year, Dow Jones reported. He noted international events have created uncertainty about the U.S. outlook.
Chicago Fed President Charles Evans was also scheduled to speak today.
Ahead of Friday's key employment report, August personal income data showed an increase of 0.3% in personal income and a 0.4% increase in consumer spending, roughly in-line with estimates.
August pending home sales showed a decline of 1.4%, missing expectations of a slight gain.
Prices for 10-year U.S. Treasuries gained sharply, lowering yields to 2.10% from Friday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices loosed $1.21 a barrel to $44.49 U.S.
Gold prices slid $14.35 to $1,133.85 U.S. an ounce.
