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Canada’s main stock index couldn’t keep its early lead on the back of financial stocks in Friday trading, as investor focus was square on the U.S. central bank speech on the pace of future interest rate hikes.

U.S. stocks turned lower after Federal Reserve Chair Jerome Powell said he will continue to raise rates to fight inflation in his Jackson Hole speech.

The aggressive speech from the Fed chair came as Wall Street traders sought information on the pace of future interest rate hikes.

It was a broad decline among indices on Bay Street and Wall Street, with the tech sector leading the laggards.

Today in the Markets

TSX 19,873.29 -299.05 TSX
TSXV 645.92 -15.34 TSXV
CSE 307.83 -0.23 TSXV
DJIA 32,282.80 -1,008.98 DJIA
NASDAQ 12,141.71 -497.56 NASDAQ
S&P 500 4,057.74 -141.38 S&P 500

The Canadian dollar traded for 76.73 cents US compared to 77.33 cents US on Thursday.

US crude futures traded 0.46 per cent higher at $92.95 a barrel, while the Brent contract gained 1.42 per cent to $100.80 a barrel.

The price of gold was down US$19.02 to US$1,737.57.

In world markets, the Nikkei was up 162.37 points to 28,641.38, the Hang Seng was up 201.66 points to 20,170.04, the FTSE was down 54.68 points to 7,573.80, and the DAX was down 300.49 points to 12,971.47.

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