S&P/TSX composite drops, loonie gains in reaction to hawkish Bank of Canada outlook

TORONTO – Canada’s main stock index suffered its worst day in about a month while the loonie climbed higher in reaction to the Bank of Canada moving up its timeline for when it expects to raise interest rates.

The S&P/TSX composite index closed down 218.46 points to 20,954.99.

In New York, the Dow Jones industrial average was down 266.19 points at 35,490.69. The S&P 500 index was down 23.11 points at 4,551.68, while the Nasdaq composite was up 0.12 points at 15,235.84.

The Canadian dollar traded for 80.92 cents US compared with 80.80 cents US on Tuesday.

The December crude oil contract was down US$1.99 at US$82.66 per barrel and the December natural gas contract was up 19.5 cents at US$6.20 per mmBTU.

The December gold contract was up US$5.40 at US$1,798.80 an ounce and the December copper contract was down 9.7 cents at US$4.39 a pound.

This report by The Canadian Press was first published Oct. 27, 2021.

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