Canada's main stock index closed down almost 250 points Tuesday with broad-based losses led by the telecom, utilities and base metal sectors, while U.S. stock markets also tumbled.

The S&P/TSX Composite Index closed down 244.46 points at 19,556.15.

In New York, the Dow Jones Industrial Average was down 388.00 points at 33,618.88. The S&P 500 Index was down 63.91 points at 4,273.53, while the Nasdaq Composite was down 207.71 points at 13,063.61.

The Canadian dollar traded for 74.02 cents U.S. compared with 74.23 cents U.S. on Monday.

The November crude contract was up 71 cents at US$90.39 per barrel and the November natural gas contract was down six cents at US$2.85 per mm/BTU.

The December gold contract was down US$16.80 at US$1,919.80 an ounce and the December copper contract was down two cents at US$3.65 a pound.

This report by The Canadian Press was first published Sept. 26, 2023.