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CLOSING BELL: Steep losses today on the backs of oil, Facebook, and interest rates

It was a rough start to the week in Toronto and New York as the markets took some steep losses today. Materials and energy weighed Bay Street down as oil prices fell and investors played it safe ahead of an expected U.S. interest rate increase this week. The Federal Reserve is having a policy meeting tomorrow and Wednesday.

The TSX lost 121 points to close the day at 15,589.

On Wall Street tech stocks paved the way for big losses as Facebook dropped like a stone following news the company leaked profiles for over 50 million members to Cambridge Analytica. The industrial sector was down too as G20 finance ministers are meeting in Buenos Aires. U.S. President Donald Trump’s tariffs are expected to be a hot topic there.

The Dow Jones closed the day at 24,610, down 335 points.

The federal government is teaming up with Ontario, Quebec and the private sector for a $400 million investment in linked laboratories for 5G technology. The money is meant to encourage Canadian-made innovations in the field.

At press time oil is down 19 cents to $62.22 U.S. per barrel, gold is up $4.20 to $1316.50 an ounce, and the loonie is up a fifth of a cent to 76.54 cents U.S.

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