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TSX Snaps 7-day Winning Streak, Plunges Over 2%

The Canadian stock market ended sharply lower on Monday, dragged down by losses in energy and financial sections.

Although there were no fresh negative triggers to warrant a sell-off, worries about growth due to the continued surge in coronavirus cases did weigh on the market, despite rising optimism about potential vaccines.

The benchmark S&P/TSX Composite Index ended down 206.31 points or 1.19% at 17,190.25, after plunging to a low of 17,124.86.

The Capped Energy Index slid as much as 6.35%. The Financial index fell nearly 2% and the Industrial and Real Estate indices shed 1.38% and 1.34%, respectively.

In economic news, data released by Statistics Canada showed the industrial product price index in Canada fell 0.4% over a month earlier in October of 2020, following a 0.1% drop in the previous month. It was the first fall in the industrial product price index since April.

Producer Prices in Canada increased 0.7% in October of 2020 over the same month in the previous year.

The Raw Materials Price Index rose 0.5% in October from a month earlier, following a downwardly revised 1.8% decline. Year over year, the index fell 0.3%.

Another data from Statistics Canada showed the value of building permits in Canada fell 14.6% from a month earlier to C$ 8.2 billion in October, following an upwardly revised 18.6% rise in the prior month and compared with market expectations of a 5% decline.

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