Canada's main stock index was down almost 300 points in a broad-based decline, while U.S. stock markets also fell.

The S&P/TSX Composite Index was down 293.20 points, or 1.46 per cent, at 19,810.69.

In New York, the Dow Jones Industrial Average was down 366.38 points at 33,922.26. The S&P 500 Index was down 35.23 points at 4,411.59, while the Nasdaq Composite was down 112.61 points at 13,679.04.

The Canadian dollar traded for 74.92 cents U.S. compared with 75.34 cents U.S. on Wednesday.

The August crude oil contract was up a cent at US$71.80 per barrel and the August natural gas contract was down five cents at US$2.61 per mm/BTU.

The August gold contract was down US$11.70 at US$1,915.40 an ounce and the September copper contract was down three cents at US$3.73 a pound.