Stock markets tumble as new COVID variant spooks investors

Photo: The Canadian Press

Canada's main stock index fell more than 300 points in early trading as the price of oil tumbled and U.S. stock markets sank deep into the red amid worries about a new COVID-19 variant in South Africa.

The S&P/TSX composite index was down 362.29 points at 21,250.89.

In New York, the Dow Jones industrial average was down 661.78 points at 35,142.60. The S&P 500 index was down 55.92 points at 4,645.54, while the Nasdaq composite was down 128.73 points at 15,716.50.

The Canadian dollar traded for 78.28 cents US compared with 79.03 cents US on Thursday.

The January crude oil contract was down US$5.39 at US$73.00 per barrel and the January natural gas contract was up 25 cents US$5.36 per mmBTU.

The December gold contract was up US$20.20 at US$1,804.50 an ounce and the March copper contract was down 15 cents at US$4.32 a pound.