TSX drops nearly 500 points as U.S. markets slide

Canada's main stock index fell nearly 500 points on Thursday, driven by losses in technology and base metal sectors, while U.S. markets also declined sharply in late-morning trading. The S&P/TSX composite dropped 476.02 points to 35,865.38, a day after major gains following the U.S. midterm elections that gave Democrats control of Congress. In New York, the Dow fell 1,136.98 points, the S&P 500 dropped 212.50 points, and the Nasdaq lost 1,019.48 points. The Canadian dollar weakened to 71.44 cents US from 71.63 cents. Crude oil rose US$2.28 to US$90.40 per barrel, while gold gained US$29.80 to US$4,102.80 an ounce.