Weighted by global trade tensions and Turkey’s ongoing economic crisis, it was a rough day for North America’s markets as investors flocked to the safety of a strong US dollar.
Canada’s stock exchange slipped 182 points with the materials, gold and energy sectors suffering the biggest losses.
U.S. markets also tumbled.
The Dow was on pace for its worst day in two months, falling 235 points at one point before ending 137 points in the red, with the sinking price of copper playing a significant factor.
The Nasdaq ended 96 points lower.
Oil prices dipped, with news of a surprise jump in U.S. stockpiles combined with a dim outlook on the global economy raising concern over demands.
Oil dropped $2.11 to $64.93 US a barrel while gold dropped a whopping $17.90 to $1,176 an ounce.
Against a strong greenback, the loonie lost nearly a half a cent today, dropping to $0.7616 US.
Meanwhile, it was a landmark day for a Canadian marijuana company.
Constellation Brands, which brews Corona and Modelo beer, announced that it has invested $5 billion into Ontario-based cannabis company Canopy Growth.
The deal hiked Constellation’s stake in Canopy Growth to 38 per cent.
Already the world’s largest publicly traded cannabis company, Canopy Growth shares grew 33 percent in early trading Wednesday, to $42.95. Canopy Growth ended the day up 31 percent to $42.15.
