Toronto stock index pulls back in broad-based decline, lower crude prices
TORONTO — Slumping oil prices dragged Canada's largest stock market lower as the price of crude fell for a seventh straight day in a row.
The Toronto Stock Exchange's S&P/TSX composite index fell 165.21 points, or more than one per cent, to 15,379.61, with nearly all sectors finishing the day to the negative.
The April crude contract was down 68 cents at US$47.72 per barrel amid a report from OPEC that showed Saudi Arabia pumped more than 10 million barrels of oil a day in February, reversing a third of its cuts from the previous month.
The weakness in crude pulled the Canadian dollar down by 0.22 of a U.S. cent to 74.16 cents US.
In New York, major indices dipped as the U.S. Federal Reserve kicked off a two-day policy rate meeting. The Dow Jones industrial average dropped 44.11 points to 20,837.37, the S&P 500 index lost 8.02 points to 2,365.45 and the Nasdaq composite index pulled back 18.96 points to 5,856.82.
In other commodities, the April gold contract fell 50 cents at US$1,202.60 an ounce, May copper was up one cent to US$2.64 a pound and April natural gas slipped 11 cents at US$2.94 per mmBTU.
The Canadian Press
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