Canadian Stocks End Horrible Week With Another Beating -- Canadian Commentary

(RTTNews) - After a one-day respite Canadian stocks resumed their downward spiral Friday, as crude oil prices plunged to their lowest since 2003.

Feb. oil settled at $29.42/bbl on Nymex, lowest since Nov. 2003.

The S&P/TSX Composite Index dropped 262.57 points, or 2.13 percent, to 12,073, the worst level in almost 3 years.

Toronto stocks are deep into bear market territory after a brutal start to the new year.

Energy stocks were obliterated yet again, plumetting 3.6 percent amid widespread heavy losses among major oil producers.

Banking stocks fell 2.9 percent on concerns about the global economy.

Gold was the lone bright spot, as traders flocked to safe have assets. The Gold Index rose 1.1 percent.