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TSX Tumbles But It Was Worse On Wall Street -- Canadian Commentary

Canadian stocks were hammered Monday, joining a global rout that has wiped out this year's gains.

The TSX Composite Index was down 271 points to 15,334, extending multi-month lows. Gaugues of all sectors were in the red.

It was worse on Wall Street. U.S. stocks suffered one of their worst days in recent memory Monday, as markets continued to throw a tantrum over rising interest rates.

Analysts say computer algorhythms were triggered, contributing to the mass sell-off.

Oil prices fell sharply. WTI light sweet crude oil was down $1.42 to $64.03 a barrrel.

The Dow Jones Industrial Average fell 4.6%, or 1,175 points, to 24,346. On a percentage basis, the day represented the biggest one-day drop for the blue-chip average since August 2011. It was the biggest one-day point drop ever.

In Canadian corporate news, Aurora Cannabis (ACB.TO) signed a deal to buy a minority stake in Liquor Stores N.A. Ltd., which will sell marijuana.

Fairfax Financial Holdings Ltd. (FFh.TO) is preparing to acquire Carillion Canada's core businesses. The Canadian unit of belly-up Carllion has already filed for bankruptcy protection.

by RTTNews Staff Writer

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