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TSX outperforms U.S. markets on recovery outlook from Fed despite rate hikes in 2023

·1 min read

TORONTO — North American stock markets swung lower midweek after the Federal Reserve revised its inflation outlook upwards and moved forward the timing of planned interest rate hikes.

The S&P/TSX composite index closed down less than a point to 20,230.96.

In New York, the Dow Jones industrial average was down 265.66 points at 34,033.67. The S&P 500 index was down 22.89 points at 4,223.70, while the Nasdaq composite was down 33.18 points at 14,039.68.

The Canadian dollar traded for 82.03 cents US compared with 82.05 cents US on Tuesday.

The July crude oil contract was up three cents at US$72.15 per barrel and the July natural gas contract was up 1.1 cents at US$3.25 per mmBTU.

The August gold contract was up US$5 at US$1,861.40 an ounce and the July copper contract was up 5.2 cents at nearly US$4.39 a pound.

This report by The Canadian Press was first published June 16, 2021.

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

The Canadian Press

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