{"id":277242,"date":"2008-02-05T17:05:00","date_gmt":"2008-02-05T22:05:00","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/uncategorized\/tuesday-close-markets-plunge-amid-renewed-fears-of-a-u-s-recession\/"},"modified":"2008-02-05T17:05:00","modified_gmt":"2008-02-05T22:05:00","slug":"tuesday-close-markets-plunge-amid-renewed-fears-of-a-u-s-recession","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/research-and-markets\/tuesday-close-markets-plunge-amid-renewed-fears-of-a-u-s-recession\/","title":{"rendered":"Tuesday close: Markets plunge amid renewed fears of a U.S. recession"},"content":{"rendered":"

Stock markets across North America sank dramatically on the ISM data on U.S. service sector activity, which contracted sharply, increasing fears of a U.S. recession.

The S&P\/TSX Composite index lost closed down 326.21 points, or 2.46%, at
12,931.95.

All of the ten main TSX groups fell today.

The gold sub-group lost 2.12%.

Barrick Gold Corp. shares lost 99\u00a2, or 2.02%, to close at $487.07, after it
announced it it expected one of its gold mines in Tanzania to be in
production next year at a cost of under US$300 an ounce.

Gold for April delivery declined US$19.10 to end the session at US$890.30 an
ounce on the Nymex.

The energy group lost 2.60%.

Crude for March delivery fell US$1.61, or 1.8%, to close at US$88.41 a
barrel.

The heavyweight financials group retreated 1.92%.

Royal Bank of Canada was the big trader in this group. It closed down 81\u00a2,
or 1.60%, at $49.89. CIBC shares fell $1.64, or 2.29%, closing at $70.

In individual stocks, Shoppers Drug Mart shares gained $2.11, or 4.44%,
closing at $49.63, after it reported a 16% increase in fourth-quarter profit
and boosted its dividend by more than 34%.

CGI shares lost 14\u00a2, or 1.36%, to close at $10.16, after it reported a 66%
rise in its first-quarter profit.

The Canadian dollar closed out at US$99.29, down 0.71 of a cent from
Monday\u00b9s close.

The junior S&P\/TSX Venture composite index closed down 57.76, or 2.25%, at
2,509.97.

In New York, stocks plunged deeply on the ISM numbers and renewed fears of a
U.S. recession.

The Dow shed 370.03 points, or 2.93%, to end the day at 12,265.13.

The S&P 500 lost 44.18 points, or 3.20%, to close at 1,336.64.

And the tech-heavy Nasdaq fell 73.28 points, or 3.08%, closing out the
session at 2,309.57.<\/p>\n","protected":false},"excerpt":{"rendered":"

TSX sheds 326 points<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2312,2313],"tags":[2395],"yst_prominent_words":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/277242"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=277242"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/277242\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=277242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=277242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=277242"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=277242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}