TSX falls through November lows as economic worries slam stocks
From Malcolm Morrison, The Canadian Press, February 23, 2009 – 4:17 p.m.
TSX falls through November lows as economic worries slam stocks
By Malcolm Morrison, The Canadian Press
TORONTO – The Toronto stock market fell through its most recent lows set last November as a fresh wave of pessimism trumped assurances from U.S. regulators on the financial system Monday.
Toronto’s S&P/TSX composite lost 250.9 points to 7,699.1, while New York’s Dow Jones industrials fell 209.4 points to 7,156.3, its lowest level in more than a decade.
Several U.S. government agencies, including the U.S. Treasury Department and Federal Reserve said Monday they will do all they can to shore up the banking system.
The regulators also said they will launch a revamped program to inject fresh capital into financial institutions this week.
The Canadian dollar was down 0.18 cent at 79.86 cents US. .as retail sales in December fell 5.4 per cent in December to $33 billion – the largest monthly decline in over 15 years.
The Nasdaq composite index declined 44.64 points to 1,396.59 while the S&P 500 index slipped 23.2 points to 746.85, after earlier falling to April, 1997 levels.
