Stocks collapse as oil slides, Toronto down 260 near close

Canada’s main stock index fell more than 260 points Wednesday, driven by a drop in energy stocks as oil prices slipped. New York was near a 500 point decline near closing. Concerns of a slowing global economy weighed on equity markets after the International Monetary Fund (IMF) cut its global GDP forecasts for the first time in two years on Tuesday, sending U.S. 10-year bond yields to multi-year highs.