S&P/TSX composite down more than 400 points, U.S. stock markets also down

Canada’s main stock index lost more than 400 points in late-morning trading, weighed down by losses in the energy and base metal sectors as the price of oil dropped below US$100 a barrel, while U.S. stocks also sank lower.

The S&P/TSX composite index was down 416.99 points at 20,769.39.

In New York, the Dow Jones industrial average was down 345.03 points at 33,466.37. The S&P 500 index was down 53.96 points at 4,217.82, while the Nasdaq composite was down 76.37 points at 12,762.92.

The Canadian dollar traded for 78.30 cents US compared with 78.73 cents US on Friday.

The June crude contract was down US$5.80 at US$96.27 per barrel and the June natural gas contract was up 13 cents at US$6.79 per mmBTU.

The June gold contract was down US$37.20 at US$1,897.10 an ounce and the July copper contract was down 15 cents at US$4.45 a pound.