The Globe and Mail reports in its Wednesday edition that the S&P 500 sold off sharply on Tuesday to close below 5,000 points for the first time in almost a year after it reversed a strong morning rally fuelled by hopes -- later dashed -- that there might be some imminent U.S. delays or concessions on tariffs. A Reuters dispatch to The Globe says the Toronto Stock Exchange suffered a similar reversal, ending at its lowest level in eight months. The S&P 500, which fell 1.6 per cent on Tuesday, has lost several trillions of dollars in market value since President Donald Trump unveiled hefty global tariffs against U.S. trading partners on Wednesday. Since markets opened Thursday, it is down 12 per cent. The S&P 500 was up more than 4 per cent earlier on Tuesday as investors had hoped that Mr. Trump would soften his stance or postpone an April 9 deadline for tariffs. The White House said later Tuesday that it expects 104-per-cent tariffs on China to go into effect on April 9. The S&P/TSX Composite Index ended down 352.56 points at 22,506.90. It posted its lowest closing level since Aug. 12. The TSX energy sector fell 4.8 per cent as the price of oil declined again, settling at $59.58 (U.S.) a barrel.