TORONTO – The main stock indexes in Canada and the U.S. suffered their worst day of the year as North American markets plunged on growing fears of a global recession.

The S&P/TSX composite index closed down 304.90 points at 16,045.94, for the largest single-day decrease since last October.

In New York, the Dow Jones industrial average was down 800.49 points at 25,479.42. The S&P 500 index was down 85.72 points at 2,840.60, while the Nasdaq composite was down 242.42 points at 7,773.94.

The Canadian dollar traded for an average of 75.13 cents US compared with an average of 75.55 cents US on Tuesday.

The September crude contract was down US$1.87 at US$55.23 per barrel and the September natural gas contract was down 0.4 of a cent at US$2.14 per mmBTU.

The December gold contract was up US$13.70 at US$1,527.80 an ounce and the September copper contract was down 3.8 cents at US$2.59 a pound.

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

The Canadian Press

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Source:: Daily Times

      

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TSX and Dow plunge in worst day of the year on growing fears of recession

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