TORONTO — North American stock markets were down sharply Friday as investors reacted negatively to a speech by Federal Reserve chair Jerome Powell in which he said he expects to keep interest rates high in his fight against inflation.
The S&P/TSX composite index was down 299.05 points at 19,873.29.
In New York, the Dow Jones industrial average was down 1,008.38 points at 32,283.40. The S&P 500 index was down 141.46 points at 4,057.66, while the Nasdaq composite was down 497.56 points at 12,141.71.
The Canadian dollar traded for 76.99 cents US compared with 77.30 cents US on Thursday.
The October crude contract was up 54 cents at US$93.06 per barrel and the October natural gas contract was down seven-and-a-half cents at US$9.27 per mmBTU.
The December gold contract was down US$21.60 at US$1,749.80 an ounce and the September copper contract was down less than a penny at US$3.70 a pound.
This report by The Canadian Press was first published Aug. 26, 2022.
Companies in this story: (TSX:GSPTSE, TSX_CADUSD=X)
