MONEY IN BRIEF

Currencies

These are indicative wholesale rates for foreign currency provided by the Bank of Canada on Tuesday. Quotations in Canadian funds.

Australia dollar

Brazil real

China renminbi

Euro

Hong Kong dollar

India rupee

Indonesia rupiah

Japan yen

Malaysia ringgit

Mexico peso

N.Z. dollar

Norway krone

Peruvian new sol

Russia rouble

Saudi riyal

Singapore dollar

South Africa rand

South Korean won Sweden krona Switzerland franc Taiwanese dollar Thailand baht

Turkey lira

U.K. pound

U.S. dollar

Vietnam dong 0.9954 0.3929 0.2017 1.5613 0.1628 0.01964 0.000093 0.01187 0.3260 0.06787 0.9238 0.1622 0.3919 0.02270 0.3397 0.9637 0.10880 0.001183 0.1551 1.3566 0.04353 0.04052 0.3351 1.7724 1.2740 0.000056

Financial highlights

Highlights at the close Tuesday at world financial market trading. Stocks:

S&P/TSX Composite Index – 15,671.15, down 43.51 points Dow – 25,410.03, down 299.24 points

S&P 500 – 2,744.28, down 35.32 points

Nasdaq – 7,330.35, down 91.11 points

Currencies:

Cdn – 78.49 cents US, down 0.34 of a cent

Pound – C$1.7724, up 0.05 of a cent

Euro – C$1.5613, up 0.01 of a cent Euro – US$1.2255, down 0.51 of a cent

Oil futures:

US$63.01, down 90 cents (April contract)

Gold futures:

US$1,318.60 per oz., down $14.20 (April contract)

Canadian Fine Silver Handy and Harman:

$21.660 oz., down 24.4 cents $696.37 kg., down $7.84

The markets today

TORONTO (CP) — Canada’s main stock index dropped moderately while U.S. stocks fell sharply after the head of the Federal Reserve said that he’s feeling more optimistic about the economy. Fed Chairman Jerome Powell made his first highly anticipated public comments before Congress Tuesday and he reaffirmed that the U.S. central bank plans to raise interest rates gradually. The Fed increased rates three times last year and has previously signalled that another three increases may be coming in 2018. The market was spooked last month when potential signs of inflation strengthened, which raised speculation that the Fed may speed up its timetable and knocked stock prices down by 10 per cent around the world.

“I think what we’re seeing the market react to is that Powell has clearly signalled the possibility of a potential fourth rate hike – so that’s sending U.S. markets lower and it’s strengthened the U.S. dollar, which is hurting gold stocks,” said Colum McKinley, vice-president and portfolio manager of Canadian equities at CIBC Asset Management Inc.

“If you look at the worst performing stocks in Canada today they’re all gold stocks.”

The Toronto Stock Exchange’s S&P/TSX composite index was down 43.51 points to 15,671.15, led by losses in the materials, metals and bullion sectors.

In New York, the Dow Jones industrial average was down 299.24 points to 25,410.03. The S&P 500 index was down 35.32 points to 2,744.28.