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Stockhouse @ the Bell: U.S. meltdown drags markets lower for Christmas

Stockhouse Editorial
0 Comments| December 24, 2018


Canada’s main index heads into Christmas in the red, as contagion from the meltdown in U.S. markets continues to have a depressing effect around the world. U.S. markets are having their worst December since the Great Depression, as grossly excessive valuations in those markets are finally correcting back toward more realistic levels.

In Canada, energy stocks were the biggest negative influence on December 24th, with the price of crude retreating below US$43 per barrel. The only “silver lining” in markets at the moment are rising gold and silver stocks, as bullion prices have firmed slightly due to recent uncertainty. Leading the way to the upside is Goldcorp (TSX: G), up 5.25% to $13.22.
The Venture Exchange was solidly higher on the day.
 
 
The S&P/TSX Composite Index lost 155.25 points to 13,780.19, while the TSX Venture Exchange rose 2.71 points to 532.91. 
 
The Canadian dollar was down 0.0007, remaining at 73 cents.
 
Crude oil prices were down $2.94 to $42.65.
 
The price of gold rose $10.20 to $1268.91.
 
In U.S. markets; the Dow plunged 653.17 points to 21,792.20, the S&P 500 sank 65.52 points to 2,351.10, and the NASDAQ plummeted by 140.08 points to 6,192.92.
 
In world markets; the Nikkei fell 223.88 points to 20,166.19 while the Hang Seng slipped 101.64 points to 25,651.38. Major indices in Europe were closed.

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