Canadian stock market drops amid U.S. stocks plunge

Canada's main stock market tumbled on Wednesday with a three-digit drop as U.S. stocks fell sharply.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index was down 151.89 points, or 1.01 percent, to 14,929.37 points. Seven of the eight major sectors were in the red.

The Canadian stock market was dragged down by the steep fall of the U.S. stocks as soft data revealed the weakness of the U.S. manufacturing sector.

The Dow Jones Industrial Average tumbled 292.60 points, or 1.62 percent, to 17,718.54. And Nasdaq Composite Index slumped 118.21 points, or 2.37 percent, to 4,876.52, the biggest fall in nearly a year.

Financials, the most weighed sector, plummeted 1.19 percent as Royal Bank of Canada edged down 1.26 percent to 76.05 Canadian dollars (about 60.76 U.S. dollars) and Toronto-Dominion Bank slipped 0.97 percent to 53.92 Canadian dollars.

Metal and mining, the TSX's heavily weighed sector, led the market retreat by 3.19 percent. First Quantum Minerals Ltd. dived 3.12 percent to 14.90 Canadian dollars and Teck Resources Ltd. slumped 4.19 percent to 18.53 Canadian dollars.

Healthcare shares also dropped 2.54 percent as Valeant Pharmaceuticals International, Inc. fell 3.39 percent to 245.11 Canadian dollars.

Info-tech stocks gave back 2.28 percent when CGI Group Inc. lost 2.25 percent to 53.41 Canadian dollars.

Among other losers, industrials and utilities retreated 1.11 percent and 1.59 percent, respectively.

The energy sector bucked the trend with a rise of 0.67 percent as May crude contract added 1.70 U.S. dollars to 49.21 dollars per barrel on the New York Mercantile Exchange.

In response, Canadian Natural Resources Ltd. rose 1.45 percent to 38.48 Canadian dollars, and Suncor Energy Inc. advanced 0.53 percent to 36.16 Canadian dollars.

On the currency front, the Canadian dollar moved lower Wednesday to settle at 0.7989 U.S. dollar from 0.7999 U.S. dollar Tuesday.