TSX down 5.6%, but trims loss in last hour
North American markets went on another roller-coaster ride Friday, opening low, jumping back up, and then repeating the cycle.
Despite moves by governments to make money available to borrowers, the market was down in what observers called "panic" selling.
But by the time the closing bell rang, deep early losses had been trimmed. Toronto's S&P/TSX composite index, which had been down more than 700 points, ended the day off 534.98 points or 5.6 per cent, at 9,065.20.
At one point, the index dipped below 9,000, the lowest level since January 2005.
The index lost more than 1,700 points on the week.
| Recent losses on the TSX | ||
| Date | Drop (points) | Drop (%) |
| Sept. 29 | 840.93 | 6.9 |
| Oct. 2 | 813.97 | 7.0 |
| Oct. 6 | 572.92 | 5.3 |
| Oct. 10 | 534.98 | 5.6 |
| Source: CBC | ||
The energy sub-index was an early loser Friday, as oil prices fell about $8.89 US to $77.70 US a barrel. But a drop in the gold price pushed the gold sub-index into the biggest loss by the close.
In New York, the Dow Jones industrial index was down 128 points or 1.5 per cent at 8,451.19.
But the North American losses were small, compared with falls in Asia and Europe.
Tokyo's Nikkei 225 index closed down 9.6 per cent, even though the Bank of Japan injected $45.2 billion US into the Tokyo money market Friday, its 18th straight emergency liquidity injection.
Losses in Europe ranged from six to nine per cent.