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.