North American stock markets plunge in initial trading, loonie down

The drop on U.S. stock markets was set to follow in the wake of a drop in stock markets around the world.

TORONTO – North American stock markets nose-dived in initial trading as the price of oil collapsed and the loonie plunged against the U.S. dollar.

The S&P/TSX composite index was down 1,441.65 points at 14,733.37.

In New York, the Dow Jones industrial average was down 1,884.88 points at 23,979.90. The S&P 500 index was down 208.16 points at 2,764.21, while the Nasdaq composite was down 588.18 points at 7,987.44.

The Canadian dollar traded for 73.47 cents US compared with an average of cents US on 74.51 cents US.

The April crude contract was down US$8.56 at US$32.72 per barrel and the April natural gas contract was up 2.6 cents at US$1.734 per mmBTU.

The April gold contract was up US$12.60 at US$1,685.00 an ounce and the May copper contract was down 7.00 cents at US$2.4905 a pound.

This report by The Canadian Press was first published March. , 2020.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

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