Canada's main stock index lost more than one per cent on Wednesday in a broad-based slump and U.S. markets also fell, as stocks took a dramatic turn in the later half of the afternoon.

The S&P/TSX Composite Index closed down 238.82 points, or 1.15 per cent, at 20,600.81.

In New York, the Dow Jones Industrial Average was down 475.92 points at 37,082.00. The S&P 500 Index was down 70.02 points at 4,698.35, while the Nasdaq Composite was down 225.28 points at 14,777.94.

The Canadian dollar traded for 75.01 cents U.S. compared with 74.94 cents U.S. on Tuesday.

The February crude oil contract was up 28 cents at US$74.22 per barrel and the January natural gas contract was down five cents at US$2.45 per mm/BTU.

The February gold contract was down US$4.40 at US$2,047.70 an ounce and the March copper contract was up a penny at US$3.91 a pound.

This report by The Canadian Press was first published Dec. 20, 2023.