North American markets down amid U.S. tax bill uncertainty, loonie trades higher

North American markets down amid U.S. tax bill uncertainty, loonie trades higher
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TORONTO — Canada’s main stock index dropped sharply from its record finish yesterday, as American markets also lost ground amid uncertainty that a sweeping U.S. tax bill will pass.

The S&P/TSX composite index tumbled 120.13 points to 16,016.46 in a broad-based decline that included the influential materials, financials and energy sectors.

In New York, the Dow Jones industrial average retreated 76.77 points to 24,508.66. The S&P 500 index was down 10.84 points to 2,652.01 and the Nasdaq composite index gave back 19.27 points to 6,856.53.

Indexes turned lower today after U.S. Sen. Marco Rubio said he would vote against a proposed bill that would give generous tax cuts to corporations unless a child tax credit was expanded.

The Canadian dollar closed at an average trading of 78.09 cents US, up 0.28 of a U.S. cent.

In commodities, the January crude contract advanced 44 cents to US$57.04 per barrel and the January natural gas contract was down three cents to US$2.68 per mmBTU.

The February gold contract was up US$8.50 to US$1,257.10 an ounce and the March copper contract added two cents to US$3.07 a pound.

The Canadian Press

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