Closing Bell Stock markets sell off US manufacturing data adds to global

TORONTO — North American markets entered the fourth quarter Wednesday deep in the red, adding to losses from September as weaker than expected American manufacturing data fuelled concerns about a faltering global economy.Here are the closing numbersTSX — 14,805.44 -155.07 -1.04%S&P 500 —  1,946.16 -26.13  -1.32%Dow — 16,804.71 -238.19 -1.40%Nasdaq — 4,422.08 -71.31 -1.59%The S&P/TSX composite index dropped 155.07 points to 14,805.44 after racking up a 4.25% loss with traders also nervous about the pace of future U.S. interest rate hikes.New York markets also sold off and the Dow Jones industrials plunged 238.19 points to 16,804.71 as the Institute for Supply Management’s manufacturing index came in at 56.6, down from 59 in August and much weaker than the 58 reading that economists had expected. It also added to weak manufacturing reports in recent days from China and Europe.“It’s been sort of a two-speed world — there’s been the U.S. data which has been pretty good, you can’t really complain, and then everywhere else has been a lot weaker,” said Michael Greenberg, co-lead manager of Franklin Quotential Portfolios.The Nasdaq fell 71.3 points to 4,422.09 and the S&P 500 index was down 26.13 points to 1,946.16.The Canadian dollar was up 0.22 of a cent to 89.51 cents US as the greenback weakened following the mid-morning release of the manufacturing data.Greenberg added that investors will soon be turning their attention to third-quarter corporate earnings which could be hurt by weak overseas performance.“It will be interesting to watch earnings, especially the bigger multinationals because the home market has been pretty good, but some of these, we’re a bit worried about earnings because of foreign exposures.”Markets failed to benefit from a positive look at health of the American job market two days before the release of the U.S. government’s employment report. Payroll firm ADP said that the American private sector created 213,000 jobs last month, in line with expectations.Economists are expecting the U.S. Labor Department to report Friday that 215,000 jobs were added in September.Investors also focused on shares of companies testing Ebola vaccines after the first U.S. case of the disease was diagnosed in Texas.Burnaby, B.C.-based drug company Tekmira Pharmaceuticals (TSX:TKM) (Nasdaq:TKMR) was a major advancer. Its stock jumped 18% to US$24.95 in New York. In August, the U.S. Food and Drug Administration told Tekmira it would allow use of its investigational drug TKM-Ebola in patients with the virus.Most TSX sectors were lower with declines led by a 2.1% drop in the industrials group. Airline stocks fell as investors worry the Ebola scare will drive passengers away. Air Canada (TSX:AC.B) shed 39 cents or 4.55% to C$8.16. Elsewhere in the segment, shares in Westport Innovations (TSX:WPT) plunged almost 25% to $8.84 after the natural gas engine firm cut its revenue guidance for 2014.The energy sector gave back 2.1% as November crude in New York erased early strong gains to decline 43 cents to US$90.73 a barrel. Prices have fallen sharply lately to two-year lows amid falling demand and plentiful supplies.The base metals group was 1.3% lower as December copper edged up two cents to US$3.02 a pound.The gold sector edged slightly higher while December gold gained $3.90 to US$1,215.5 an ounce.TOP STORIESHousing bubble will force Bank of Canada to renew rate hike warnings soon, Pimco saysCapital One ups ante with new credit card just for Costco customers — no-limit rewardsFord to hire 1,000 workers in Oakville in rare sign of growth in Canada’s auto industryFormer SNC-Lavalin executive Riadh Ben Aissa pleads guilty to corruption charges$1-billion Canadian coal mine was just sold for a buck amid plunging demand and pricesBlackBerry names cyber security expert to board in bid to boost reputationAmerican Apparel open to keeping Charney after hedge fund ousts most of his critics, sources sayWHAT’S ON DECK THURSDAYECONOMIC NEWSUNITED STATES7:30 a.m. Challenger Layoff report (Sept)8:30 a.m. Weekly jobless claims: Economists expect 297,000 new claims10 a.m. Factory orders (Aug): Economists expect a decline of 9.5%CORPORATE NEWSUNITED STATES Constellation Brands Inc Q2 earnings: Analysts expect  US$1.16  a share

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