Disappointing economic data from China pulled down markets across the globe, and sent both the Dow and the TSX on a downward spiral today.
Tumbling Asian markets had a ripple effect in Toronto and New York as investors worried over a flagging global economy.
On Bay Street, the TSX lost 155 points with all 11 sectors in the red.
The heaviest losses were in the energy sector, which dropped 3.3 percent as the price of oil slid.
Crude oil slipped $1.42 to $51.16 US a barrel on concerns that slowing world-wide economic growth will impact demand.
There were broad based losses among energy stocks, led lower by 3.2 percent declines in both Baytex Energy and Suncor.
The index’s industrials and tech sectors also suffered steep losses. A 4.2 percent drop in areospace giant Bombardier factored into industrials losing 1.6 percent, while the tech sector fell 4.9 percent.
In New York, the Dow tumbled 496 points with U.S. companies that have global ties impacted the most.
Apple lost 3.2 percent, Boeing was off by two percent, and General Electric pared some of yesterday’s gains by falling 1.3 percent.
The Dow’s entire financials sector lost ground, while on the energy side, heavyweights Exxon Mobile and Chevron were both off by 1.8 percent.
The Nasdaq slumped 159 points as the majority of its most actively traded companies including Microsoft, Apple, Cisco, and Synergy Pharma traded lower.
It was a down day for gold and the loonie. The Canadian dollar weakened by 19/100ths of a cent to $0.7469 US while the yellow metal was $4.90 lower, at $1,238 an ounce.