TSX falls by triple digits in worldwide dip

Markets around the world took a tumble on Tuesday, and investors continue to point toward China as the reason.

The latest numbers showed China’s manufacturing sector shrinking at the fastest pace in three months.

The Toronto Stock market was hit hard, with the TSX down 377 points to 13,481. This comes the same day new data confirmed Canada has fallen into recession in the first six months of the year.

Statistics Canada says the first-quarter performance was weaker than originally estimated, forcing the agency to lower its GDP reading for the first three months of the year from an original estimate of 0.6 per cent.

The Dow Jones industrial average fell 469 points to 16,058, while the S&P 500 dropped 58 points, which is down about three per cent. The Nasdaq fell 140 to 4,636.11.

There was a big decline for crude on Tuesday after a huge three-day rally. The price of oil dropped $3.79 to $45.41 a barrel.

The loonie dropped 0.38 cents to 75.63 cents US.

With files from The Canadian Press

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