North American markets closed Monday with broad losses after enthusiasm early in the session for the bailout out of Spanish banks turned into concerns that the 100-billion euro plan will prove only a short-term solution to the region’s mounting crisis.
In Toronto, the S&P/TSX decreased by 98.85 points, to 11401.78 points, with health care, energy and materials leading the selloff. Among the most active issues, shares of Bombardier Inc. fell 2.4 per cent, Suncor Energy lost 2.4 per cent and Manulife Financial dropped 1.3 per cent.
In New York, the S&P 500 surrendered 16.73 points, to 1308.93. The Dow Jones industrial average gave up 142.97 points, to 12411.23. Declining issues outpaced advancing shares by almost nine to one.
Bank of America lost 3.7 per cent and Citigroup fell almost 5 per cent. Shares of Apple Inc. slipped 1.6 per cent as Apple unveiled the next version of its mobile software and upgraded its MacBook computers.
The Canadian dollar lost 0.4 cents (U.S.) against the U.S. currency to close at 96.97 cents.
Commodity prices were mixed. Crude oil fell almost 3 per cent, or $2.22 a barrel, to $81.88. Prices haven’t been this low since early last October.
Copper prices rose nearly 2 per cent, to $3.343 a pound, as investors reacted positively to news that China reported rising exports and imports.
Gold rose by $5.40 an ounce, to $1,5596.80.