Wall Street tumbles on news that Trump's tax cuts may be delayed, TSX down

TORONTO _ Canada’s main stock index headed lower today as American stocks dropped sharply on news that U.S. President Donald Trump’s tax cut plans may be delayed.

The S&P/TSX composite index was down 23.26 points to 16,082.09 in a broad-based decline that saw most major sectors finish in the red.

South of the border, technology and industrial companies took a pounding on Wall Street after Republicans in Congress said they might delay their proposed corporate tax cut by one year.

The Dow Jones industrial average was down 101.42 points to 23,461.94. Earlier it fell as much as 253 points.

The S&P 500 index was down 9.76 points to 2,584.62 and the Nasdaq composite index was down 39.07 points to 6,750.05.

The Canadian dollar was trading at an average price of 78.79 cents US, up 0.23 of a U.S. cent

In commodities, the December crude contract added 36 cents to US$57.17 per barrel and the December natural gas contract was up three cents to US$3.20 per mmBTU.

The December gold contract gained $3.80 to US$1,287.50 an ounce and the December copper contract was down a penny at US$3.09 a pound.