TSX Composite Drops 331 Points Amid Financial Sector Weakness

Canada's main stock index took a hit on Wednesday morning, losing over 300 points in late-morning trading. The S&P/TSX composite index fell by 331.66 points to 35,418.04.

The weakness was driven by the performance of financial and basic material stocks. This decline had ripple effects, with U.S. markets also experiencing losses.

In New York, the Dow Jones industrial average dropped 817.30 points to 51,930.02, while the S&P 500 index fell 53.10 points to 7,375.68 and the Nasdaq composite decreased by 227.92 points to 24,649.00.

The Canadian dollar held steady at 70.98 cents US compared to 70.91 cents on Tuesday.