Canada's main stock index fell on Wednesday to a fresh two-and-a-half-year low as investors used an earlier rally to reduce exposure to equities, while crude oil prices fluctuated.
The S&P/TSX composite index stumbled 203.49 points, or 1.6%, to close Wednesday at 12,170.41
The Canadian dollar slumbered 0.42 cents to 69.7 cents U.S.
Metals and mining stocks were bruised, although Potash Corporation of Saskatchewan gained 1.4% to $22.52, while Teck Resources was battered 2.3% to $3.80.
Among industrials, Bombardier was pasted 4.1% to $1.17.
Among health-care concerns, Valeant Pharmaceuticals slid 2.3% to $122.69.
One of the few bright spots took place among gold stocks, as Barrick Gold grew 2.2% to $11.53, while Seabridge Gold took on 3% to $10.97.
ON BAYSTREET
The TSX Venture Exchange dipped 4.6 points to 495.72.
All but three of the 13 TSX subgroups were lower, weighed mostly by metals and mining, sliding 3.7%, while industrials suffered a 2.6% loss, and health-care was sicker 2.2%.
The three gainers were gold, soaring 0.9%, while materials and consumer discretionaries each picked up 0.1%.
ON WALLSTREET
Equities closed sharply lower Wednesday south of the border, pressured by low oil prices, as concerns about global economic slowdown weighed ahead of major earnings reports.
The Dow Jones industrial average retreated 364.81 points, or 2.2%, to 16,151.41, with Home Depot, Goldman Sachs and Boeing among the top contributors to declines.
The S&P 500 slipped 47.24 points, or 2.4%, to 1,891.44, ending below the psychologically key 1,900 level for the first time since Sept. 29. Consumer discretionary was the greatest declining sector.
The NASDAQ index tumbled 159.85 points, or 3.4%, to 4,526.07, as Amazon fell more than 4.5%. Apple turned lower to trade more than 1.5% lower.
Netflix fell 8% in afternoon trade, also to weigh on the NASDAQ.
As of afternoon trade Wednesday, the major U.S. averages were on pace for a weekly loss of 1% or more, down about 7% or more for the year so far.
Some traders also said a factor behind the declines in stocks was news that brewing giant AB InBev has launched a $46-billion U.S., seven-tranche bond, the second biggest corporate bond on record.
JPMorgan Chase earnings are expected Thursday before the opening bell.
Copper gave up earlier attempts at gains to hold around near-seven-year lows. Freeport-McMoRan extended the week's sharp decline to hold about 8% lower in afternoon trade.
According the Fed's Beige Book, economic activity has expanded in nine of the 12 districts. Economic growth was modest in most districts.
In a Wednesday speech, Boston Fed President Eric Rosengren said global and U.S. economic growth may be slipping and force the Federal Reserve into a more gradual course of rate hikes than officials currently expect.
Prices for the 10-year Treasury were sharply up, lowering yields to 2.0.7% from Tuesday’s 2.12%. Treasury prices and yields move in opposite directions.
Oil prices gained five cents a barrel to $30.49 U.S.
Gold prices jumped $8.29 to $1,094.85 U.S. an ounce.
