SAUDI ARABIA'S OIL GAMBIT SENDS TORONTO MARKET TUMBLING

Dec 04, 2014

By Michael Kramer

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The Toronto stock market wrapped-up the trading day almost two percent lower – after a broad-based selloff saw energy and financial stocks suffering the biggest declines.

The S&P/TSX composite index gave back  284 points, closing at 14,470.

The energy sector slipped more than four per cent – on news that Saudi Arabia has cut January prices to U.S. and Asian customers.

Oil lost 57 cents – moving to $66.81 a barrel.

Financials were lower too,  as T-D Bank’s latest earnings missed analyst expectations – adding to the number of banks that have lost lustre during the fourth quarter.

But C-I-B-C also reported earnings which mostly met analyst expectations.

On Wall Street, The Dow was down 13 points to 17,900.

The Nasdaq edged back five points to 4,769.

And the Canadian dollar was lower – just  ahead of the latest jobs figures – due tomorrow morning.

The loonie closed down seven-one-hundredths of a cent to 87.91 cents U-S.

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