TSX down in early trading
Posted May 5, 2010 10:21 am.
This article is more than 5 years old.
TORONTO, Ont. – The Toronto stock market tumbled about two per cent in early trading as fears of a spreading European debt crisis depressed overall investor sentiment.
Investors flocked to the safe haven status of the U.S. dollar, which in turn punished commodity prices and currencies.
The S&P/TSX composite index fell 273 points to 11,758.
The rising greenback pushed the Canadian dollar down 68-100ths to 96.88 cents (U.S.) following Tuesday’s drop of 1.39 cents.
Oil is down $3.23 to $79.51 (U.S.) a barrel after dropping four per cent yesterday on investor fears a $144-billion bailout for Greece won’t keep the debt crisis from spreading to other European countries like Portugal and Spain.
New York markets were also lower with the Dow Jones industrial average down 90 points to 10,836 after losing 225 points Tuesday.
