The Toronto stock market was heading for its biggest one-day loss of the year on Wednesday as investors pulled back amid fears that the U.S. economy was showing signs of struggling.
Just after 2 p.m. ET, the S&P/TSX composite index had lost 270 points to 12,412, a drop of 2.1 per cent. Every sector was lower, with the biggest losses coming in the materials and energy sectors.
A private sector jobs report released Wednesday in the U.S. suggested that only 158,000 jobs were created south of the border in March, well below the 215,000 that economists were expecting.
The U.S. Institute for Supply Management's non-manufacturing index slid from 56 to 54.4 last month, also missing analysts' forecasts.
Adding to the gloom was a report that U.S. crude oil storage data showed bigger stockpiles than expected, suggesting that a sluggish U.S. economy wasn't using as much fuel.
Crude oil futures slumped $2.67 to $94.52 US a barrel and natural gas futures fell six cents to $3.91 per million BTUs. The TSX energy group slid 2.8 per cent. Talisman Energy fell more than five per cent; EnCana dropped more than four per cent.
Gold futures slid more than $22 US an ounce to $1,553 US, touching a nine-month low. Goldcorp and Barrick Gold both tumbled more than four per cent.
U.S. indexes were lower as the Dow Jones industrials gave back 106 points to 14,556, the Nasdaq was down 38 points at 3,217 and the S&P 500 index slipped 17 points to 1,554.
"Given that the markets have run up, (traders) will look for a reason to pull back, and that's healthy," said Kash Pashootan, portfolio manager at Raymond James in Ottawa.
Source: http://news.yahoo.com/tsx-biggest-slide-2013-far-184711531--finance.html
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