S&P/TSX com­pos­ite in­dex lose ground


Some stock mar­kets in North Amer­ica lost ground Wed­nes­day af­ter min­utes re­leased by the Fed­eral Re­serve from its Jan­uary meet­ing in­di­cated the U.S. cen­tral bank may raise its key in­ter­est rate as soon as next month.

On Bay Street, the Toronto Stock Ex­change’s S&P/TSX com­pos­ite in­dex dropped 92.15 points at 15,830.22 af­ter a record-set­ting ses­sion Tues­day. Ma­te­ri­als, en­ergy, base met­als and gold stocks racked up some of the big­gest losses.

In New York, ma­jor indices were mixed.

The Dow Jones in­dus­trial set a new all-time high, jump­ing 32.60 points to 20,775.60. But the Nas­daq com­pos­ite gave up 5.32 points at 5,860.63 and the broader S&P 500 inched down 2.56 points at 2,362.82.

The cen­tral bank raised rates in De­cem­ber for just the sec­ond time in a decade. Its key in­ter­est rate is in a range of be­tween 0.5 to 0.75 per cent. Most econ­o­mists had in­di­cated they did not fore­see a rate hike un­til June.

In cur­ren­cies, the Cana­dian dol­lar lost 0.04 of a cent at 76.08 cents US against a strength­en­ing green­back. Some com­modi­ties, in turn, moved lower.

The April crude con­tract de­clined 74 cents at US$53.59 per bar­rel, April gold was down $5.60 at US$1,233.30 an ounce and March cop­per shed 1.25 cents at US$2.73 a pound.

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