The TSX fell again today as rumours circulated that Saudi Arabia is preparing to slash oil prices in January in a bid to gain ground from the US shale oil industry. With talk of the Saudis being ‘comfortable’ with $60 a barrel it was a day for many to sell their energy stocks. There was also concern over an analysts forecast that GM may dramatically cut back their investment in auto manufacture here and to top it all TD Bank announced weaker than expected profits and said 2015 would be challenging.
The S&P TSX Composite Index closed down 248.11 (1.93 per cent)
The NYSE closed lower
Oil is trending lower
Gold is trending higher
The loonie is higher against the US dollar