Stock markets finished lower Thursday in volatile trading as investors became increasingly convinced that an aid package for Greece won't be enough to stop the European debt crisis from spreading.
The S&P/TSX composite index lost 32.7 points to 11,842.43, while New York's Dow Jones industrials plunged 347.8 points to 10,520.32.
Losses were even steeper at mid-afternoon when investors briefly pushed the Dow down almost 1,000 points, while the Toronto market fell as much as 452 points before recovering.
Other analysts pointed to computer trading which intensified the losses as programs designed to sell stocks at a specified level kicked in. Traders use those programs to try to limit losses when the market is falling. And the selling only led to more selling as prices fell.
The Canadian dollar continued to lose ground after falling about 2 cents (U.S.) over the previous two sessions. It tumbled another 2.09 cents Thursday to 95.03 cents, its lowest close since Feb. 26, after going as low as 93.02 cents at one point during the mid-afternoon plunge.
Elsewhere in New York, the Nasdaq composite index stepped back 82.65 points to 2,319.64, while the S&P 500 index dropped 37.72 points to 1,128.15.