S&P/TSX composite down nearly 500 points, U.S. stock markets also fall

Canada's principal stock index, the S&P/TSX composite, plummeted by approximately 500 points on Tuesday, as losses in the technology and base metal sectors dragged down the market. Concurrently, U.S. stocks also suffered declines in late-morning trading. Following the U.S. midterm elections, which resulted in Democrats gaining control of Congress, both Canadian and American stock markets had initially surged to record highs.

By the end of trading, the S&P/TSX composite had closed at 35,865.38, while the Dow Jones industrial average in New York was down 1,136.98 points at 52,219.14. The S&P 500 index declined by 212.50 points to 7,476.12, and the Nasdaq composite fell by 1,019.48 points to 24,717.03. The Canadian dollar was trading at 71.44 cents US, up from 71.63 cents US the previous day.

Crude oil contracts for December settled $2.28 higher at $90.40 per barrel, and gold contracts were up $29.80 to $4,102.80 per ounce.