TSX falls on dropping gold
Written on November 6, 2008
The Toronto stock market plunged into negative territory as the price of gold made a quick turnaround near midday.
Toronto's S&P/TSX composite index fell 72 points to 10,044.6 after holding above the red for most of the morning.
Most major sectors quickly slumped into weaker numbers around noon.
The gold sector made one of the most notable shifts, dropping 1.7 per cent, after the December bullion contract on the New York Mercantile Exchange lost $17 to US$740.30.
Gold prices had been on a two-session winning streak which gained 5.4 per cent.
The TSX energy sector dropped 1.5 per cent as crude oil receded $5 cash advances pay day loan.03 to US$65.50 on the Nymex.
The Canadian dollar was at 86.10 cents US, down 0.77 cent.
New York markets were weaker as investors shifted their attention away from the Barack Obama presidential election victory and toward the general economy.
On Wall Street, the Dow Jones industrial average slid 186.22 points to 9,439.06.
The Nasdaq composite index dropped 37.44 points to 1,742.68 while the S&P 500 moved down 19.26 to 986.49.