07/08/2015 10:05 EDT | Updated 07/08/2016 01:12 EDT

Canadian dollar steady, stock markets lower in early trading

TORONTO — The Canadian dollar was holding steady as North American stock markets began Wednesday's trading on a negative note.

The loonie traded at 78.65 cents US, down 0.02 of a U.S. cent from Tuesday's close.

The S&P/TSX composite index dropped 91.73 points to 14,532.77, offsetting a 31-point rally on Tuesday.

The Dow Jones industrial average fell 197.75 points to 17,579.16, the Nasdaq index 58.13 points to 4,939.33, and the S&P 500 fell 21.10 points to 2,060.24.

On the commodity markets, the August crude contract was up 38 cents at US$52.71 a barrel and the August gold contract rose $9.10 to US$1,161.70 an ounce.

The Canadian Press