Canadian stocks looking for direction after yesterday’s huge sell-off — Canadian Commentary

(RTTNews) - Canadian stocks are looking to snap back from massive losses in the previous session Thursday morning in Toronto, and early signals are mixed after global stocks plunged overnight but US futures stabilized.

The S&P/TSX Composite Index plummeted 631.83 points to 9323.83, moving back toward Friday’s 3 1/2 year closing low. Amid growing concerns that the world’s major economies are on the verge of a significant recession, traders booked profits from Monday’s nearly 900 point advance.

Even as credit markets thawed somewhat after policy makers took a series of unprecedented steps to facilitate lending, the mood is likely to remain extremely cautious on Bay Street until global equities markets calm down.

Energy stocks may struggle to recoup their losses as the price of oil dropped to a 14-month low near $72 a barrel.

According to data from Statistics Canada released Thursday morning, manufacturers had a notable pull-back in sales in August following four consecutive monthly increases. Sales decreased 3.7% to $52.0 billion, erasing most of the gains from the previous two months.

The largest contributor to the decrease was the petroleum and coal products industry, where sales have fallen by nearly one billion dollars in two months.

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