Canadian stocks fell on Monday while oil rebounded.
The S&P/TSX composite index finished negative 94.46 points to close Monday at 12,695.49. The index touched its lowest level since September 2013 in the first hour of trade, and lost 4.3% last week.
The Canadian dollar regained 0.06 cents to 72.75 cents U.S.
First Quantum Minerals Ltd., Centerra Gold Inc. and Teck Resources Ltd. sank at least 6% as the S&P/TSX index of materials companies slid to the lowest since Nov. 23.
In the energy sector, Encana Corp. lost 68 cents, or 8.2%, to $7.63, and Enerplus Corp. lost 36 cents, or 7.2% to $4.63.
Baytex Energy Corp. fell 20 cents, or 5% to a record low of $3.80, while Bankers Petroleum decreased four cents, or 4.1%, to 93 cents, after earlier reaching its lowest level since February 2009.
Rogers Communications Inc.’s 1.1% gain led a 1% climb in Canadian phone companies. Rogers closed at $49.21.
The consumer staples group climbed, with convenience store operator Alimentation Couche-Tard up 91 cents, or 1.5%, to $62.28, and grocery store chain Loblaw Cos added 71 cents, or 1.1%, to $65.32.
ON BAYSTREET
The TSX Venture Exchange retreated 5.91 points to 496.18.
All but three of the 13 TSX subgroups were lower, as metals and mining capsized 6.9%, gold moved lower 6%, and materials staggered 5%.
The three gainers were telecoms, up 1.1%, consumer staples, ahead 0.7%, and industrials, inching up 0.03%.
ON WALLSTREET
U.S. stocks closed higher Monday, helped by a pause in the oil price slide amid continued concerns about the high-yield debt market.
Investors also awaited the Federal Reserve's rates decision due this week.
The Dow Jones industrial average zoomed higher 103.29 points to close 17,368.50, after a Friday plunge of more than 300 points, and a Monday morning descent of more than 100 points.
Chevron and Exxon Mobil contributed the most to gains, while Boeing and DuPont were the greatest weights on the index.
The S&P 500 recovered 9.7 points to 2,022.07. Materials briefly traded 2% lower as the greatest decliner in the S&P 500. Freeport-McMoRan, Dow Chemical, Newmont Mining and DuPont were among the greatest decliners in the sector, falling about 4% in afternoon trade.
The NASDAQ index gained 18.77 points to 4,952.23, as Apple declined more than 1%, amid news that Morgan Stanley cut its estimate for 2016 iPhone units and earnings estimates. The firm also cut its target to $143 U.S. a share from $152 U.S., but remains "overweight" on the stock.
Dow Chemical and DuPont traded more than 4% lower in afternoon trade Monday. The two chemical giants ended last week with gains of 0.1% and about 4% respectively, after agreeing to merge in an all-stock deal.
Both Brent and U.S. crude oil had fallen every day since OPEC on Dec. 4 abandoned its output ceiling. In the past six sessions, they have shed more than 13% each.
OPEC has been pumping near record levels since last year in an attempt to drive higher-cost producers such as U.S. shale firms out of the market.
Prices for the 10-year Treasury retreated, raising yields to 2.22% from Friday’s 2.14%. Treasury prices and yields move in opposite directions.
Oil prices strengthened 56 cents a barrel to $36.18 U.S.
Gold prices fell $10.79 to $1,063.98 U.S. an ounce.
