Index hits lowest mark in 2022
The Canadian Press - Sep 27, 2022 - Business Buzz

Photo: The Canadian Press

TORONTO — Canada’s main stock index fell to a new low this year, while U.S. markets were mixed after a volatile day of trading that had stocks swing between gains and losses.

The trading tensions came as markets in both Canada and the U.S. pushed new lows for the year that had some investors wondering if the selling had gone too far, while U.S. Treasury yields continued to push higher on expectations of rising interest rates.

“It’s a bit of push and pull between some oversold conditions for the markets, but trying to balance that with the interest rate environment,” said Crystal Maloney, head of equity research at CIBC Asset Management.

“It’s been a volatile time for markets for sure. Stocks were hanging in there despite the U.S. 10-year (Treasury bond) marking new highs, the highest since 2020.”

The S&P/TSX composite index ended down 19.13 points at 18,307.91 for its lowest level since February 2021 after trading as high as 18,546.76 in the day.

The November crude contract was up US$1.79 at US$78.50 per barrel, while the November natural gas contract was down 25.4 cents at US$6.76 per mmBTU.

In New York, the Dow Jones industrial average ended down 125.82 points at 29,134.99. The S&P 500 index was down 7.75 points at 3,647.29 for a new low for the year, while the Nasdaq composite was up 26.58 points at 10,829.50.

The Canadian dollar traded for 72.85 cents US compared with 72.91 cents US on Monday as the U.S. dollar continues to strengthen against currencies globally.

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