Stock markets plunge amid uncertainty around Trump's economic plan

The Canadian Press</span>
Published Wednesday, May 17, 2017 12:48AM EDT
Last Updated Wednesday, May 17, 2017 12:13PM EDT

TORONTO - Stock markets around the world have plunged amid questions about Donald Trump's ability to follow through with his main economic policies.

The Toronto Stock Exchange's S&P/TSX composite index was down 179.28 points to 15,364.05 after 90 minutes of trading.

Although it's been among the worst mornings this year for Canada's biggest stock market, there was a bit of lift from gold stocks as the price of bullion jumped.

Gold is often considered a safe haven in times of political uncertainty.

The June gold contract was up $22.90 at US$1,259.30 an ounce.

In New York, the Dow Jones industrial average fell 281.11 points to 20,698.64, the S&P 500 index lost 31.96 points to 2,368.71 and the Nasdaq composite index was down 112.24 points to 6,057.63.

The Canadian dollar was trading at 73.52 cents US, slightly weaker than Tuesday's average price of 73.55 cents US.

The June crude contract was up 53 cents at US$49.19 per barrel and the June natural gas contract was down three cents at US$3.20 per mmBTU.

The July copper contract was down one cent at US$2.54 a pound.

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