Canadian Stocks Plunge Along With Oil Prices -- Canadian Commentary

(RTTNews) - Toronto stocks crumbled Friday after a two-day reprieve, as commodity prices again spiraled lower.

The energy sector is in turmoil amid plunging oil prices.

The S&P/TSX Composite Index slipped 226.64 points, or 1.74 percent, to 12,789.95, the lowest in more than three months.

January crude settled at $35.62 a barrel, down $1.14, or 3.1% on the day. That's the lowest settlment price since February 2009.

OPEC is refusing to cut production, knowing that influntial members like Saudi Arabia can withstand $30 oil far longer than US and Canadian producers can.

The index of Canada's energy stocks plunged 3.3 percent.

Metal stocks also buckled under renewed selling pressure. The Diversified Metals and Mining Index dropped 3.1 percent.

Gaugues of all but the gold sector were down more than 1 percent. Gold was today's outlier, rallying on gold's safe haven appeal.

Ski-Doo snowmobile maker BRP Inc. (DOO.TO) profit for its third quarter increased 1 percent from last year. Shares surged 9.5 percent.

In economic news, US retail sales strong in November, confirming that American shoppers were in the mood to spend during the pivotal holiday season.