S&P/TSX composite down nearly 500 points as COVID variant worries rattle market

TORONTO –

Canada’s main stock index was down nearly 500 points as the price of oil fell more than 10 per cent and U.S. stock markets tumbled lower amid worries about a new COVID variant in southern Africa.

The S&P/TSX composite index was down 495.78 points at 21,117.40.

In New York, the Dow Jones industrial average closed down 905.04 points at 34,899.34 in a shortened trading day following the U.S. Thanksgiving holiday on Thursday. The S&P 500 index closed down 106.84 points at 4,594.62, while the Nasdaq composite finished down 353.57 points at 15,491.66.

The Canadian dollar traded for 78.33 cents US compared with 79.03 cents US on Thursday.

The January crude oil contract was down US$9.54 at US$68.85 per barrel and the January natural gas contract was up 21 cents at US$5.32 per mmBTU (metric million British thermal unit).

The December gold contract was up US$1.50 at US$1,785.80 an ounce and the March copper contract was down 16 cents at US$4.31 a pound.

This report by The Canadian Press was first published Nov. 26, 2021.