TSX has worst trad­ing day since Septem­ber 2015 as U.S. mar­kets fall hard

The Miracle - - National & Int -

TORONTO -- North Amer­i­can mar­kets fell hard as Canada’s main stock in­dex posted its worst day in more than three years Wed­nes­day, just two weeks af­ter record­ing an­other large broad-based de­cline.The S&P/TSX com­pos­ite in­dex closed down 2.5 per cent or 376.04 points to 14,909.13, mark­ing the largest sin­gle-day de­cline since Sept. 1, 2015 and sur­pass­ing the 336.65 point drop on Oct. 10.The de­crease was led by the cannabisheavy health-care sec­tor, which fell 5.9 per cent. But it also in­cluded the heavy­weight ma­te­ri­als, fi­nan­cials, in­dus­tri­als and en­ergy sec­tors, which to­gether ac­count for three­quar­ters of the Toronto Ex­change. We’re in a risk-off en­vi­ron­ment that’s af­fect­ing all sec­tors ex­cept the safety sec­tors like utili- ties (while) tele­com is down very mod­estly,” says Anish Cho­pra, man­ag­ing di­rec­tor with Port­fo­lio Man­age­ment Corp. Although it’s dif­fi­cult to pre­dict the mar­ket’s fu­ture path, he said there is an en­vi­ron­ment of slower global growth amid an era of in­creas­ing tar­iffs. “It’s hard to make a re­ally bullish case for the TSX un­less you see large in­creases in the com­mod­ity price en­vi­ron­ment and the so­lu­tion to the pipe­line ca­pac­ity is­sue out west,” he said in an in­ter­view. The triple-digit mar­ket slide came as the loonie traded higher in the wake of an in­ter­est rate hike by the Bank of Canada. The Cana­dian dol­lar traded at an av­er­age of 76.75 cents US com­pared with an av­er­age of 76.35 cents US on Tues­day in the wake of the Bank of Canada’s de­ci­sion to raise its key in­ter­est rate by a quar­ter of a per­cent­age point to 1.75 per cent. In New York, Amer­i­can ex­changes were wal­loped as they fell as much as 4.4 per cent. The Dow Jones in­dus­trial av­er­age was down 608.01 points to 24,583.42. The S&P 500 in­dex lost 84.59 points to 2,656.10, while the Nas­daq com­pos­ite shed 4.4 per cent or 329.14 points to 7,108.40. Source: ctvnews.ca OT­TAWA

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