The downward momentum for stocks throughout the world refused to abate as the last full week before Christmas wound down, with Toronto markets taking their fair share of losses, notably among health-care issues.
The S&P/TSX Composite Index slouched 206.10 points, or 1.5%, to end the day and the week at 13,935.67
The Canadian dollar slumped 0.53 cents to 73.54 U.S.
Health-care stocks continued to take their lumps, with Bausch Health Companies going south 50 cents, or 2%, to $24.79, while Aphria capsized 57 cents, or 8.1%, to $6.47.
Information technology fared poorly, as BlackBerry shrank 84 cents, or 8.2%, to $9.38, while Constellation Software plummeted $29.09, or 3.4%, to $825.91
Energy stocks also sputtered, as Suncor Energy lost 99 cents, or 2,7%, to $36.14, while Canadian Natural Resources crumbling 90 cents, or 2.8%, to $31.50.
On the economic slate, Statistics Canada reported that real gross domestic product expanded 0.3% in October, following a 0.1% decrease in September.
The agency also reports that there was growth in 15 of 20 industrial sectors, led by increases in manufacturing, finance and insurance and wholesale trade.
What’s more, retail sales increased 0.3% to $51.0 billion in October. Higher sales at motor vehicle and parts dealers and gasoline stations were the main contributors to the gain. Excluding these two sub-sectors, retail sales declined 0.4%.
ON BAYSTREET
The TSX Venture Exchange jettisoned 7.65 points, or 1.4%, to 529.36
All 12 TSX subgroups fell in value by day’s end, with health-care losing 3.5%, information technology down 3.1%, and energy 2% less energetic.
ON WALLSTREET
Stocks plunged again on Friday, sending the Dow Jones Industrial Average to its worst week since the financial crisis in 2008, down nearly 7%. The NASDAQ Composite Index closed in a bear market and the S&P 500 was on the brink of one itself, down nearly 18% from its record earlier this year.
The 30-stock index surrendered gains in a big way – dropping 414.23 points, or 1.8%, to 22,445.37.
The S&P 500 let go of 50.8 points to 2,416.62
The big banks of Wall Street sank, with Goldman Sachs falling 4.9%, Citigroup down 3.8%, and Bank of America down 3%. Athletic apparel company Nike was one of the few bright spots rallying nearly 7%, following strong earnings results.
The NASDAQ lost 195.41 points, or 3%, to 6,333, with big losses in technology stocks including Facebook, Amazon and Apple.
The Dow lost 6.8% and 1,655 points on the week. It was its worst percentage drop since October 2008.
The NASDAQ lost 8.3% on the week and is now 22% below its record reached in August, a bear market.
The S&P 500 lost 7% for the week and is now down 17.8% from its record.
The Dow and S&P 500, which are both in corrections, are on track for their worst December performance since the Great Depression in 1931, down more than 12% each this month.
Both the Dow and the S&P 500 are now in the red for 2018 by at least 9%.
Stocks initially caught an early bid Friday morning after New York Fed President Williams said the central bank was listening to the market, and could re-evaluate its outlook for two rate hikes next year. But equities quickly staged an about-face thereafter.
Facebook lost 6.3%, Apple lost 3.8% and Amazon lost 5.7%. Chipmakers Nvidia stumbled 4%, and Advanced Micro Devices lost 5.6%
Prices for the benchmark for the 10-year U.S. Treasury moved higher, lowering yields to 2.79% from Thursday’s 2.80%. Treasury prices and yields move in opposite directions.
Oil prices slid 49 cents to $45.39 U.S. a barrel.
Gold prices shrank $9.60 to $1,258.30 U.S. an ounce.
