Canada’s main stock index hit a 52-week low Monday amid heightened volatility caused by a steep drop in crude oil prices and investor angst over the spread of Covid-19.

The S&P/TSX composite index initially lost about 1,800 point and closed down 9.9% or 1,355.93 points at 12,360.40.

In New York, the Dow Jones industrial average had its worst day since 1987 by losing 2,997.10 points or 12.9% at 20,188.52. The S&P 500 index was down 324.89 points at 2,386.13, while the Nasdaq composite was down 970.28 points at 6,904.59.

The Canadian dollar traded for US71.61¢ compared with an average of US71.94¢ on Friday.

The April crude contract was down US$3.03 at US$28.70 per barrel and the April natural gas contract was down US5.4¢ at US$1.815 per mmBTU.

The April gold contract was down US$30.20 at US$1,486.50 an ounce and the May copper contract was down US7.15¢ at US$2.39 a pound.