North American markets plummet on sign of potential recession ahead

The Canadian Press</span>
Published Monday, December 3, 2018 11:39PM EST
Last Updated Tuesday, December 4, 2018 5:10PM EST

TORONTO -- North American markets plummeted as an inversion of some yield curves signalled a potential recession ahead and prompted declines in the key industrials, energy and financial sectors.

The S&P/TSX composite index closed down 211.39 points to 15,063.59.

In New York, the Dow Jones industrial average was down 799.36 points at 25,027.07. The S&P 500 index was down 90.31 points at 2,700.06, while the Nasdaq composite lost 3.8 per cent or 283.09 points to 7,158.43.

The Canadian dollar traded at an average of 75.65 cents US compared with an average of 75.81 cents US on Monday.

The January crude contract was up 30 cents at US$53.25 per barrel and the January natural gas contract was up 11.8 cents at US$4.46 per mmBTU.

The February gold contract was up US$7.00 at US$1,246.60 an ounce and the March copper contract was down 5.05 cents at US$2.76 a pound.

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