TORONTO - The Toronto stock market was down more than 750 points Thursday as bad news ripped through key sectors of the market, including energy and banks.
The S&P/TSX composite index was down 765.76 points to 7,724.80 in preliminary closing numbers. That's the first time since late 2003 that it has been under 8,000.
Driving the market lower was weakness in the TSX energy sector as oil dipped under the US$50-a-barrel mark for the first time since January 2007.
Metal stocks were also lower, with Teck Cominco (TSX:TCK.B) stock down 21 per cent. The company suspended dividends, slashed capital spending and said it would sell assets as it struggled under a massive debt taken on for the takeover of the Fording Canadian Coal Trust.
And the financial sector tumbled after TD Bank (TSX:TD) said it will report C$350 million in quarterly credit trading losses. Shares in the big Canadian banks were down as much as 16 per cent.
The Canadian dollar closed at 77.31 cents US, down 2.52 cents.
