CANADA STOCKS-Resource stocks tumble, taking TSX down 2 percent

Tue Sep 22, 2015 4:31pm EDT
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(Adds portfolio manager comment, updates prices to close)

* TSX ends down 288.35 points, or 2.09 percent, at 13,491.09

* All 10 of the TSX's main groups fall

By Alastair Sharp

TORONTO, Sept 22 (Reuters) - Canada's main stock index tumbled more than 2 percent on Tuesday as a sell-off in commodities walloped resource stocks, leading across-the-board declines in volatile trade.

The fall followed roughly 1 percent gains on both Monday and Friday after the Federal Reserve held U.S. interest rates steady last week and as investors continued to fret about Chinese economic growth.

"This sort of activity is like a waltz, you're going back and forth," said Irwin Michael, portfolio manager at ABC Funds.

"It's a no-bid market. There are not many buyers out there," he said. "It's volatile, but it's a tug of war."

The Toronto Stock Exchange's S&P/TSX composite index ended the session down 288.35 points, or 2.09 percent, at 13,491.09. All 10 of its main sectors fell.   Continued...