A double-barrelled shot of tumbling oil prices and more bad news from one of Canada's big banks pushed the S&P/TSX composite index under 8,000 points for the first time in more than five years.

Finance Minister Jim Flaherty announced Thursday he will deliver a long-awaited economic update next week, even as a newly released report forecast a possible $5.3 billion in federal deficits over the next two years.

Federal Industry Minister Tony Clement said Thursday the Big 3 domestic automotive companies and their unions need to come up with a plan for the industry's long-term future.