TSE drops 1.95 percent

Michael Allan McCrae | May 8, 2012 | 6:08 pm Energy Precious Metals Canada Europe Gold

Bad news slammed the markets today as worries about Europe caught up to traders.

The S&P/TSX Composite index was off 1.96% to 11,627.89. The S&P 500 was down 1.16% to 1,355.

Markets were worried that Greece may finally default and exit the Eurozone. Changes in leadership over the weekend also left markets uncertain on how leaders will react to the crisis in Europe.

Notable decliners were Cameco Corporation (NYSE:CCJ) that was off 5.02% to $21.39 a share giving back all the gains, and then some, after its good Q1, and Teck Resources (NYSE:TCK) that fell 5.35% to $32.75.

Crude oil fell 1.36% to US$96.61 a barrel, and gold was struggling to stay out of the $1,500s. It was down 2.11% to $1,603.46/oz.