North American stock markets fell as concerns rose about a third wave of COVID-19, a year to the day since hitting a bottom during the early stages of the unprecedented health crisis. The S&P/TSX composite index closed down 145.33 points at 18,669.80 after hitting an intraday low of 18,642.52. A year ago, Canada's largest market plunged to a low of 11,172.73 for a 38-per-cent drop in just one month. The market stormed back, gaining 67 per cent to set record highs.
In New York, the Dow Jones industrial average was down 308.05 points at 32,423.15. The S&P 500 index was down 30.07 points at 3,910.52, while the Nasdaq composite was down 149.84 points at 13,227.70. Tuesday's market losses were driven by concerns about global demand for commodities as some European countries are back in lockdown amid an acceleration of COVID variants, said Crystal Maloney, head of equity research at CIBC Asset Management.