The Toronto Stock Exchange’s S&P/TSX index ended Monday down 246.42 points, or 2 per cent, at 12,143.16 after Canada’s main market added almost 550 points on the final two days of trading last week.Mark Blinch/Reuters
So much for the rebound.
Stocks staged a late-day sell-off on Monday, erasing much of the gains made late last week when global benchmarks rallied back from bear-market levels.
Oil was once again to blame as crude prices fell sharply, dropping below $30 a barrel (U.S.) in after-hours trading amid persistent concerns about oversupply.
The Toronto Stock Exchange's S&P/TSX index ended the day down 246.42 points, or 2 per cent, at 12,143.16 after Canada's main market added almost 550 points on the final two days of trading last week.
In New York, the Dow Jones industrial average fell 208.29 points to close at 15,885.22, while the broader S&P 500 fell 29.82 points to 1,877.08 and the Nasdaq lost 72.69 points to 4,518.49.
Stocks had rallied late last week after several major markets around the world fell into bear-market territory, defined as a drop of 20 per cent from their highs. Markets have tumbled sharply in recent weeks amid worries about a slowdown in China, weak global growth and corporate earnings, and other factors.
The commodity-sensitive Canadian dollar broke a three-day string of gains on Monday as it lost 0.59 of a U.S. cent to settle at 70.08 cents U.S.
With files from Globe staff