Dow Jones down 380 pts as Wall Street tanks
TSX down 228 pts
US crude down 2.36%
US stocks were much lower at the close, following the pattern set in Europe earlier.
The Dow Jones tanked over 380 points to 25,029 - the second consecutive day of finishing lower.
The S&P 500 lost 30 points at 2,713.
The tech heavy Nasdaq shed 57 points at 7,273.
US crude - West Texas Intermediate - shed 2.36% to US$61.52 a barrel.
In Toronto, the TSX lost over 228 points at 15,442.
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US stocks were a tad mixed at mid-session, with the Dow Jones down over 13 points at 25,396.
The S&P 500, however, was up around five points at 2,750, while the Nasdaq was up over 34 points at 7,365.
In Toronto, the S&P/TSX Composite Index is down nearly 86 points at 15,585, while the TSX Venture Index was up over eight points at 823.70.
The Canadian dollar fell 0.24 cents to 78.06 cents US.
On Wall Street, Celgene Corp (NYSE:CELG) was down over 8% to US$88 after news on its MS candidate disappointed.
Valeant Pharma (NYSE:VRZ, CSE:VRX) saw shares shed over 10% in Toronto after the drug maker gave a disappointing outlook for 2018 with several of its major drugs facing more competition from generics.
Resource companies gave up early gains with energy stocks like Suncor Energy (TSE:SU), falling 0.2% to US$43.53.
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Wall Street shares, in contrast to yesterday's fall, started on the front foot on Wednesday with the Dow Jones up over 122 points at 25,532.
The broader based S&P 500 added over 14 at 2,758.
The tech heavy Nasdaq gained over 44 points at 7,375.
In Toronto, the TSX is up almost 16 points, at 15,655, at the time of writing.
Meanwhile, the TSX Venture Exchange inched up 2.51 points to 817.69
Seven of the 12 TSX subgroups lost ground, particularly health-care, dropping 2.7%, while industrials and financials lost 0.1% each.
The five gainers were led by information technology, marching ahead 0.6%, while utilities took on 0.3%, and consumer staples were better by 0.1%.
A big riser was Student Transportation Inc (TSE:STB), which surged over 25% to C$9.60.
It came as the huge school transport group in Canada and USA, is set to be bought by a group of investors led by Caisse de dépôt et placement du Québec (CDPQ), its long term institutional investor, in a premium bid.
Also on the moving front, Celgene Corp (NYSE:CELG) was a big loser, shedding 8.77% to US$87.38.
The group revealed that the US Food and Drug Administration has refused its application seeking approval of its drug for treating relapsing multiple sclerosis due to insufficient data.
Celgene Tanks After FDA Refuses To Review Multiple Sclerosis Drug https://t.co/wCT6gpdzKr pic.twitter.com/Cj84biTMSR
— Investors.com (@IBDinvestors) 27 February 2018
The firm has received a ‘refusal to file’ letter from FDA for the ozanimod drug.
Last month the group had said it expected to receive US approval of ozanimod by the end of this year. Celgene also planned to file for European approval during the current quarter.
In London, Footsie is up over 5 points at 7,287.