North American markets plunge as Trump moves to impose China tariffs

The Canadian Press</span>
Published Thursday, March 22, 2018 4:53AM EDT
Last Updated Thursday, March 22, 2018 5:02PM EDT

TORONTO -- North American markets closed down sharply as U.S. President Donald Trump stoked fears of rising protectionism by moving to impose tariffs on some Chinese goods.

The Toronto Stock Exchange's S&P/TSX composite index closed down 275.35 points to 15,399.93 in broad-based declines led by base metals.

In New York, the Dow Jones industrial average closed down 724.42 points to 23,957.89. The S&P 500 index was down 68.24 points to 2,643.69 and the Nasdaq composite index was down 178.61 points to 7,166.68.

The Canadian dollar closed at 77.47 cents US, up 0.30 of a US cent.

The May crude contract closed down 87 cents to US$64.30 per barrel and the May natural gas contract, which has become the new benchmark, ended down a penny at US$2.66 per mmBTU.

The April gold contract closed up $5.90 to US$1,327.40 an ounce and the May copper contract was down four cents to US$3.02 a pound.

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