Canadian and US stock markets down after Powell’s speech

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TORONTO — Stock markets in Canada and the United States fell late in the morning following a speech by U.S. Federal Reserve Chairman Jerome Powell in which he said he expects high interest rates in its fight against inflation.

The S&P/TSX Composite Index lost 246.43 points to 19,925.91.

In New York, the Dow Jones industrial average was down 517.47 points to 32,774.31. The S&P 500 index fell 81.09 points to 4,118.03, while the Nasdaq composite fell 312.72 points to 12,326.54.

The Canadian dollar was trading at 76.89 cents US against 77.30 cents US on Thursday.

The October crude contract was down 30 cents at US$92.22 per barrel and the October natural gas contract was up 9 cents at US$9.44 per mmBTU.

The December gold contract was down US$21.20 at US$1,750.20 an ounce and the September copper contract was down less than a penny at US$3.70 the pound.

This report from The Canadian Press was first published on August 26, 2022.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press

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