Canada’s benchmark stock index dropped heavily on Friday as prospects of a global recession cause investors to sell first and ask questions later.
The S&P/TSX Composite Index was off by more than 500 points or more than three per cent to just below 18,500 in the afternoon, dragged down by a plunge in the price of oil.
The benchmark price of crude oil in North America lost $5 to trade below $80 for the first time since January. The catalyst for oil’s decline seems to have been central banks signaling this week that they are so committed to reining in inflation that they
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