Thursday, January 8, 2009

Fresh economic, corporate woes send stock markets sharply lower

TORONTO - The Toronto stock market erased a huge chunk of its New Year's rally Wednesday amid a steady drip of negative corporate and economic news - and a sharp retracement of oil prices that punished energy stocks.

New York markets also tumbled as a private sector employment report raised fears that Friday's non-farm jobs report for December will come in much worse than expected and chip maker Intel said fourth quarter revenue again missed expectations.

Toronto's S&P/TSX composite index snapped a six-session winning streak to tumble 350.77 points or 3.7 per cent to 9,121.32.

New York's Dow Jones industrials declined 245.4 points to 8,769.7 as a private sector employment report raised fears that Friday's non-farm jobs report for December will come in much worse than expected and chip maker Intel said fourth-quarter revenue missed expectations.

No comments: