On Wednesday, both the S&P/TSX composite index and major New York indices, including the Dow Jones average, S&P 500 index, and Nasdaq composite, experienced a downturn due to weakening energy and base metal stocks, a consequence of falling commodity prices. The Canadian dollar also declined in value compared to its rate on the previous day, dropping to 72.48 cents US.
The decline in commodity prices was reflected across several December contracts. Crude oil prices fell by US$1.63, settling at US$75.74 per barrel. Natural gas prices saw a decrease of three cents, coming to rest at US$3.11 per mm/BTU.
Precious metals were not immune to the downward trend either. Gold prices experienced a reduction of US$14.50, bringing it down to US$1,959.00 an ounce. Similarly, copper prices dropped by three cents, settling at US$3.65 a pound.
These adverse market conditions have had a significant impact on key sectors like base metal and energy stocks in Canada's S&P/TSX composite index and similarly in New York indices such as the Dow Jones average, S&P 500 index, and Nasdaq composite. This overall decrease in commodity prices demonstrates the interconnected nature of global markets and their susceptibility to market trends and conditions.
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