Markets Still In Sell-Off Mode -- Canadian Commnetary

(RTTNews) - Canadian stocks were hammered Tuesday, extending recent losses as oil and gold prices fell.

However, today's drubbing was not as pronounced as the sell-off that took place on Wall Street.

The TSX Composite Index dropped 139.21 points to 15,955.51, a 7-week low. Health care stocks plunged 4.9 percent, but financials nudged higher.

Markets await the Federal Reserve's interest rate decision coming Wednesday morning. Some analysts say the Fed will signal a rate hike is coming in March. Shaw Communications (SJRb.TO) is offering an employee buyout program in a restructuring the company calls a "total business transformation." 6,500 workers have been offered the buyout. Shares were up 0.8 percent.

Grocery chain Metro Inc. (MRU.TO) reported better than expected earnings and revenue in its latest quarter. Shares were down fractionally.

Thomson Reuters (TRi.T) is in advanced discussions for a sale of part of its financial and risk business to US private equity firm Blackstone, the company said. TRI shares rose 7 percent.

Crude oil futures continued to fall Tuesday amid expectations that U.S. oil production will remain robust throughout the year.

Meanwhile, the Fort Hills oil sands project in Alberta, Canada, has achieved first oil, investor Total said Monday.

U.S. oil settled down $1.06, or 1.5%, at $64.50/bbl, falling further from a recent 4-year peak above $66.