North American markets plunge, U.S. retail data adds to global economic woes
Posted Oct 15, 2014 08:21:29 AM.
This article is more than 5 years old.
TORONTO – Stock markets plunged as a disappointing read on American retail sales deepened pessimism about the state of the global economy.
The S&P/TSX composite index tumbled 166.8 points to 13,869.88 as the TSX fell further into correction territory, losing 12 per cent since the record highs of last month and close to shedding all its gains for the year.
U.S. markets moved closer to a formal correction, defined as a plunge of at least 10 per cent from recent highs. The Dow Jones industrials fell 173.45 points to 16,141.74.
Meanwhile, the Nasdaq lost 11.85 points to 4,215.32 and the S&P 500 index declined 15.21 points to 1,862.49 as U.S. retail sales for September fell 0.3 per cent, suggesting third quarter growth could be at risk.
The Canadian dollar gained 0.38 of a cent to 88.83 cents US.
Economic worries continued to punish oil prices, down six cents to US$81.78 a barrel.
