Canada’s benchmark stock index fell by triple digits Thursday as investors grew increasingly concerned about a looming recession and reacted to negative earnings news from two big American banks
Canada’s benchmark stock index fell by triple digits Thursday as investors grew increasingly concerned about a looming recession and reacted to negative earnings news from two big American financial services companies.Markets in New York were mixed, but all three major indices ultimately closed off their intraday lows. The S&P 500 ended 0.30 per cent lower, the Dow lost 0.46 per cent and the Nasdaq narrowly ended in positive territory with a 0.03 per cent gain.
“We're going to have to see what the rate hike is going to do to loan demand, mortgage demand, housing and that sort of thing, in order to fully assess. However, Canadian banks have been known to be pretty stable as dividend payers and markets are now looking, or investors are now looking, for more of a safety trade.”
Benchmark WTI crude sank US$0.52 to settle at US$95.78 per barrel. Earlier in the trading day, oil slumped to US$91.86 a barrel, the lowest level since Russia’s invasion of Ukraine.
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