TORONTO — The Toronto Stock Exchange plunged Monday morning, part of a global downturn affecting markets around the world.
The market's benchmark S&P/TSX index was down about 348.39 points at 13,125.28 shortly before noon, representing a drop of 2.6 per cent from Friday's close.
Earlier in the day, the Toronto index traded as low as 12,705.17 points, down as much as 768.5 points or 5.7 per cent from Friday's close.
Major U.S. market indexes also fell sharply, following declines in Europe and Asia earlier Monday.
The Dow Jones industrial average of 30 stocks was down 481.63 at 15,978.12 and the broader S&P 500 index was down 59.07 points at 1,911.82. The Nasdaq 100 index was down 113.24 or 2.7 per cent at 4,084.03.
The Canadian dollar was among the currencies trading lower as the price of many of its natural resources fell amid concerns about the strength of China's economy, the world's second-largest.
Canada's dollar was down about half of a U.S. cent at 75.47 cents U.S.
On commodity markets, the benchmark oil price dipped below US$39 a barrel. At mid-morning, the October crude contract traded at US$38.85, down $1.60.
The December gold contract was down $1.30 at US$1,158.30 an ounce, while September natural gas was down two cents at US$2.66 per thousand cubic feet.
China's largest stock market, which closes hours before the North American trading day begins, experienced its biggest one-day drop in eight years.
China's Shanghai composite index fell 8.5 per cent to close at 3,209.91 points, its biggest one-day loss since an 8.8 per cent decline on Feb. 27, 2007. The index is down 38 per cent from its June 12 peak, reached after a strong gain early in the year.
By the numbers: Global stock markets plunge following sell-off in China
TORONTO — North American stock markets tumbled precipitously on Monday after a massive sell-off in China threw global equity markets into a tailspin. Here is a look at some of the more dramatic movements:
— The S&P/TSX composite index fell more than 700 points shortly after markets opened, but by mid-morning it had recovered some of those losses and was down by 323.01 points at 13,150.66.
— That represents a drop of nearly 15 per cent from its highs of 15,000-plus points in April, putting it well into correction territory. A drop of more than 10 per cent represents a correction.
— The benchmark oil price dipped below the $40 a barrel mark, selling for around $38.82 in mid-morning trading. The last time the price of crude closed below the $40 point was in February 2009.
— The loonie was at around 75.82 cents U.S. in mid-morning trading. The last time the loonie closed below that level was in August of 2004.
