Stock Market Slumps As Investors Wait On Italy

Stock Market Italy – Stock markets on both sides of the Atlantic Ocean slumped Wednesday, as investors waited for Italy and Greece to provide clarity on the future leadership of their respective governments.

The Toronto stock market was down 1.9 per cent, or 237.55 points by early afternoon, as the TSX energy, mining and financial sectors all were on the decline.

The Canadian dollar fell a full cent to 98.19 cents US.

The returns in Toronto were better than in the United States, where the Dow Jones industrial average and the Nasdaq composite index both dropped more than 3 per cent.

European markets also suffered losses Wednesday, with Germany’s DAX falling 2.3 per cent and France’s CAC-40 seeing a similar drop of 2.4 per cent.

The benchmark index in Italy was worst off, dropping 4.7 per cent below its previous close.

Italy was the source of one of the two main crises afflicting markets, as lawmakers continued to push for Premier Silvio Berlusconi to leave office and make way for a successor.

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