North American stock markets sink amid falling crude prices and spreading virus

The S&P/TSX composite index initially lost about 1,800 point and closed down 9.9 per cent or 1,355.93 points at 12,360.40.

In New York, the Dow Jones industrial average had its worst day since 1987 by losing 2,997.10 points or 12.9 per cent at 20,188.52. The S&P 500 index was down 324.89 points at 2,386.13, while the Nasdaq composite was down 970.28 points at 6,904.59.The Canadian dollar traded for 71.61 cents US compared with an average of 71.94 cents US on Friday.

The April crude contract was down US$3.03 at US$28.70 per barrel and the April natural gas contract was down 5.4 cents at US$1.815 per mmBTU. The April gold contract was down US$30.20 at US$1,486.50 an ounce and the May copper contract was down 7.15 cents at US$2.39 a pound.This is a corrected story. An earlier version incorrectly stated the Bank of Canada's key interest rate target.

Source: Financial Digest (financialdigest.net)

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