North American stock markets plunge on rising COVID-19 cases and crude oil price drop

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TORONTO — A broad-based declined powered by a more than six per cent drop in crude oil prices pushed Canada’s main stock index to its lowest level in two months in late-morning trading on rising COVID-19 cases and an OPEC deal to boost production.

The S&P/TSX composite index was down 276.43 points at 19,709.11.

In New York, the Dow Jones industrial average was down 808.51 points at 33,879.34. The S&P 500 index was down 70.25 points at 4,256.91, while the Nasdaq composite was down 158.45 points at 14,268.79.

The Canadian dollar traded for 78.32 cents US compared with 79.41 cents US on Friday.

The September crude oil contract was down US$4.60 at US$66.96 per barrel and the August natural gas contract was up 7.7 cents at US$3.75 per mmBTU.

The August gold contract was down US$6.00 at US$1,809.00 an ounce and the September copper contract was down 11.2 cents at US$4.21 a pound.

Companies in this story: ((TSX:GSPTSE, TSX:CADUSD)