The Toronto stock market is racking up more losses, continuing a big two-day slide as rumblings persist that another global recession could be coming.
The S&P/TSX composite index lost 280.69 points to 10,971.15 as the possibility of a Greek debt default continues to rattle investors. The index had already hit its lowest level since last summer on Monday with a 375-point slide.
The Canadian dollar was also sharply lower, reflecting falling commodity prices while traders avoided risk and bought into the perceived safe haven status of the U.S. dollar. Oil fell for a second day, down $1.78 to US$75.83 a barrel.
U.S. markets also fell, with the Dow Jones industrial index down 128.73 points to 10,526.57 after the blue-chip barometer fell 258 points on Monday.
The Nasdaq composite index fell 22.92 points to 2,312.91 while the S&P 500 index fell 13.82 points to 1,085.41.
Economic worries have translated into deep price slides for oil and metals and pushed the resource-heavy TSX into bear market territory, generally defined by a drop of at least 20 per cent from recent highs.