North American stocks fell sharply on Thursday morning, with investors fretting over another disappointing reading on U.S. jobless claims and a last-minute snag in the Greek bailout drama.
The Dow Jones industrial average fell 183 points or 1.5 per cent, to 11,927. The broader S&P 500 fell 20 points or 1.6 per cent, to 1267. In Canada, the S&P/TSX composite index fell 201 points or 1.5 per cent, to 12,860.
Commodity related stocks were among the worst hit after key commodity prices fell sharply, reflecting ongoing concerns about the health of the global economy. Crude oil fell to $91.99 (U.S.) a barrel, down $3.42. Gold fell to $1,531 an ounce, down $22.
Among energy producers, Chevron Corp. fell 3.7 per cent, Exxon Mobil Corp. fell 2.9 per cent and Suncor Energy Inc. fell 2.4 per cent. In other moves, Alcoa Inc. fell 3 per cent, Caterpillar Inc. fell 2.8 per cent, DuPont fell 2.7 per cent and Barrick Gold Corp. fell 1.7 per cent.
It wasn't a complete wash-out though: Among the Dow's 30 members, Pfizer Inc. rose 2.3 per cent, Home Depot Inc. rose 1.4 per cent and Wal-Mart Stores Inc. rose 1 per cent. In Canada, Air Canada rose 4.1 per cent and WestJet Airlines Ltd. rose 1.9 per cent in an apparent reaction to lower energy prices. As well, embattled Research In Motion Ltd. rose 0.9 per cent.
David Berman