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TORONTO – The Toronto stock market closed in correction territory Tuesday as worries about deteriorating global economic conditions helped further erode year-to-date gains.

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The S&P/TSX composite index tumbled 190.68 points to an eight-month low of 14,036.68, with the main index down 10% from its record high set in early September and leaving the TSX up just 3% year to date. The TSX had been up more than 14% in early September.

“I think it’s fear myself,” said Ian Nakamoto, director of research at 3MACS.

“There’s enough things to be worried about. Fears over Europe slowing, (the Federal Reserve’s) quantitative easing ends at the end of this month, people are talking about U.S. interest rates that could rise sooner than expected, the strong U.S. dollar and Ebola. There are more than enough things to weigh on investor psychology.”

The Canadian dollar got caught up in the volatility, falling 0.7 of a cent to 88.45 cents US — its lowest level since July 2009 — as traders avoided risky assets such as commodity-based currencies and bought into the U.S. greenback.