Canada’s main stock index closed lower in Monday trading, led lower by losses in the utility and telecommunications sectors. Tech and health care moved higher, but the loonie took a 1 per cent nosedive.
Consistent worries among investors about the Federal Reserve’s aggressive push to curb inflation may tip the economy into recession seem to be proving true. U.S. stock indexes logged a lower close as the Fed’s latest signal that high interest rates could last through 2023, sent major stock indexes tumbling. The Dow Jones landed within spitting distance of a bear market on Friday.
Today in the Markets
The Canadian dollar traded for 72.83 cents US compared to 76.32 cents US on Friday.
US crude futures traded 2.34 per cent lower at $76.90 a barrel, while the Brent contract lost 2.26 per cent to $84.20 a barrel.
The price of gold was down US19.39 to US$1,624.70.
In world markets, the Nikkei was down 722.28 points to 26,431.55, the Hang Seng was down 78.13 points to 17,855.14, the FTSE was up 2.40 points to 7,168.77, and the DAX was down 56.27 points to 12,227.92.
Get @ the Bell delivered to your email inbox every day!
DISCLAIMER: By viewing any material on or distributed by The Market Herald Publishing Ltd. and its Information Providers you agree to both the following disclaimer, and the full disclaimer that can be viewed here.
Any holdings, theories, speculation or trades appearing anywhere on The Market Herald network of websites should not be relied upon for purposes of transacting securities or other investments, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. This applies to any material regardless of source, placement, presentation or reproduction. Any Information Providers to The Market Herald or employees of The Market Herald may from time to time have positions in the stocks or other entities mentioned anywhere on The Market Herald Network of websites. You bear responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before making any investment. The Market Herald and its contributors makes no guarantee as to the validity of any information, speculation, theories or research presented herein whether pertaining to the past, present or future. The Service and The Materials are provided by The Market Herald and other Information Providers on an "as is" basis, and The Market Herald and other Information Providers expressly disclaim any and all warranties, express or implied, including, without limitation, warranties of satisfactory quality and fitness for a particular purpose, with respect to the service or any materials and products. In no event shall The Market Herald and other Information Providers be liable for any direct, indirect, incidental, punitive, or consequential damages of any kind whatsoever with respect to The Service, The Materials, and The Products.