Bay Street Punch Drunk Ahead Of New Year's Celebrations -- Canadian Commentary

(RTTNews) - Canadian stocks continued their holiday-season stupor on Wednesday, as falling commodity prices continued to hurt resource shares.

The S&P/TSX Composite Index dropped 103.46 points, or 0.78 percent, to 13,142.29, edging back toward its lowest in two years.

Nymex February crude oil plunged $1.27, or 3.4 percent, to end at $36.60 a barrel. Energy stocks tumbled 2.5 percent, extending heavy recent losses.

Mining shares were also weaker, but health care stocks stabilized along withe beleagured Valeant (VRX.TO).

Downbeat housing data also had U.S. markets in a dour mood.

An indicator of future home sales unexpectedly declined in November, indicating the third decline in the last four months.

The National Association of Realtors' pending home sales index fell 0.9 percent in November. Economists had expected an increase for the month.