(RTTNews) - Canadian stocks are taking a beating on Wednesday, paring more than half their historic gains from the previous session amid anxiety that major economies have slipped into recession mode.

The S&P/TSX Composite Index is down 489 points at 9463.21, weighed down by heavy losses in the energy sector. Significant weakness has also emerged in the mining and industrial sectors. With the decline, the main index moved back toward Friday’s 4-year closing low.

The Energy Index is down 10 percent, giving back most of yesterday’s 15 percent gain. Oil for December is down more than $4 at $74.49 a barrel, hitting a new yearly low. Suncor (SU.TO) and Canadian Natural Resources (CNQ.TO) are down 12 percent each.

Mining shares have plunged 7.4 percent as base metal prices tumbled on demand concerns. Resource producers getting hammered include Teck (TCK.B.TO), which is down 14 percent.

Financials are down 1.8 percent, a day after the Bank of Canada pledged bolster banks struggling to secure financing amid the global credit crisis.

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Posted in Categories: Canada, Releases, Stocks.

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