The Toronto stock market is down sharply as traders absorb a disappointing read on Chinese manufacturing and the U.S. Federal Reserve's latest indication that it may be time to wind down some stimulus.
The S&P/TSX composite index tumbled 191 points to 12,076 after Fed chairman Ben Bernanke confirmed Wednesday that the central bank's bond purchases will likely slow down this year and end next year. The Fed has been buying $85 billion US worth of bonds each month to keep long-term interest rates low.
Canada's benchmark stock index had earlier been down by more than 200 points.
The Canadian dollar was down 0.65 of a cent to 96.69 cents US and commodity prices retreated as data showed manufacturing in China contracted this month at a faster pace.
Precious metals were hit hard. Gold tumbled to its lowest level since September 2010, shedding 5.5 per cent to trade below $1,300 US an ounce.
U.S. indexes were also firmly in negative territory as the Dow industrials fell 155.14 points to 14,957.05 after giving back 206 points Wednesday, the Nasdaq fell 42.36 points to 3,400.84 and the S&P 500 index lost 19.13 points to 1,609.8.
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