North American stock markets plunge on record drop in U.S. GDP in second quarter

North American stock markets plunge on record drop in U.S. GDP in second quarter
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TORONTO — North American stock markets plunged on a record 32.9-per-cent drop in the U.S. gross domestic product in the second quarter.

The S&P/TSX composite index was down 187.14 points at 16,107.52.

In New York, the Dow Jones industrial average was down 391.96 points at 26,147.61. The S&P 500 index was down 35.87 points at 3,222.57, while the Nasdaq composite was down 59.90 points at 10,483.05.

The Canadian dollar traded for 74.61 US compared with 74.85 on Wednesday.

The September crude contract was down 99 cents at US$40.28 per barrel and the September natural gas contract was down 3.9 cents at nearly US$1.89 per mmBTU.

The December gold contract, which had the highest trading volume, was down US$7.20 at US$1,969.50 an ounce and the September copper contract was down nearly one cent at US$2.91 a pound.

This report by The Canadian Press was first published July 30, 2020.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press

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