North American stocks are likely to open flat Wednesday after the Dow Jones Industrial Average closed at an all-time high yesterday, and the S&P/TSX composite index plunged 2.2%, dragged down by falling commodity prices.

Crude oil futures have tumbled about 25% in less than two months. They have fallen more than $4 this week, settling at US$58.68 a barrel Tuesday.

Light sweet crude for November delivery fell 18¢ to US$58.50 a barrel in mid-afternoon Asian electronic trading on the New York Mercantile Exchange.

The Canadian dollar opened at US88.75¢ Wednesday morning, down 0.34 of a cent from Tuesday’s close.

Investors will also be looking ahead to a speech from U.S. Federal Reserve Chairman Ben Bernanke, scheduled for the early afternoon.


Most European stock markets war higher midday Wednesday after an overnight tumble in oil and gold prices sent the Dow industrials to a record high.

The UK’s FTSE 100 index rose 0.09% to 5,942.70. France’s CAC-40 index added 0.4% to 5,240.69. The German DAX Xetra 30 index increased 0.27% to 6008.46.

Asian stocks ended mostly lower Wednesday as optimism from the Dow’s record high was damped by concern over North Korea’s plans for a nuclear test.

Japan’s Nikkei 225 Index ended the day down 0.98% at 16,082.55, But Hong Kong’s Hang Seng Index rose 0.13% to 17,629.21.

Toronto stocks ended sharply lower on Tuesday in a broad retreat led by resource shares, which tumbled along with commodity prices.

The S&P/TSX composite index plunged 261.26 points, or 2.2%, to end at 11,526.13, its biggest one-day loss since June.

All of the 10 TSX main groups were down.

The energy sector led the slide, falling 5.2%, as the price of crude oil slumped ahead of data due Wednesday that is expected to show another increase in U.S. distillate and gasoline stocks.

Gold mining issues dropped 6.8% as bullion slid in sympathy with oil. December gold slid 3.61%, or $21.80, to US$581.50 per ounce.

The junior S&P/TSX Venture composite index followed the its bigger brother lower, dropping 90.67 points, or 3.7%, to close at 2,363.14.

In New York, the Dow finished at an all-time closing high on Tuesday, surpassing the previous record set in 2000, as investors bet that sliding crude oil prices will stimulate consumer spending and lift corporate profits even as the economy slows.

The Dow rose 56.99 points, or 0.49%, to end at 11,727.18. The S&P 500 was up 2.79 points, or 0.21%, to finish at 1,334.11. The Nasdaq composite index was up 6.05 points, or 0.27%, to close at 2,243.65.