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S&P/TSX composite down nearly 500 points, U.S. stock markets tumble lower

Written by on September 23, 2022

TORONTO — Canada’s main stock index was down nearly 500 points in late-morning trading as the price of oil fell and losses in the energy sector led a broad-based decline, while U.S. stock markets also tumbled lower.

The S&P/TSX composite index was down 470.69 points at 18,531.99.

In New York, the Dow Jones industrial average was down 420.80 points at 29,655.88. The S&P 500 index was down 58.52 points at 3,699.47, while the Nasdaq composite was down 165.14 points at 10,901.67.

The Canadian dollar traded for 73.65 cents US compared with 74.18 cents US on Thursday.

The November crude contract was down US$4.81 at US$78.68 per barrel and the November natural gas contract was down 20 cents at US$6.99 per mmBTU.

The December gold contract was down US$28.30 at US$1,652.80 an ounce and the December copper contract was down 13 cents at US$3.34 a pound.

This report by The Canadian Press was first published Sept. 23, 2022.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press