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Finance minister warns global credit crisis spilling into Canada David Akin, Canwest News Service Published:Â Thursday, October 09, 2008 OTTAWA - Stock markets in Toronto and New York plunged in the last hour of trading Thursday despite efforts by governments around the world, including Canada, to reassure investors and avoid a global recession. The Dow Jones industrial average lost 679 points to close at 8,579 points, while the S&P/TSX lost nearly five per cent of its value, falling 456 points to 9,600. Oil dipped to less than $87 U.S. a barrel and the Canadian dollar slid nearly two cents to 87.28 cents US. "It's a complete lack of confidence by investors," said Douglas Porter, deputy chief economist at BMO Nesbitt Burns. Before the trading began, Finance Minister Jim Flaherty reassured Canadians that Canada's banks are in... [read full story]
