TORONTO –
Canada’s main stock index was down almost 150 points Monday with broad-based losses, while U.S. stock markets retreated further from last week’s gains.
The S&P/TSX composite index was down 142.37 points at 20,572.11.
In New York, the Dow Jones industrial average was down 260.99 points at 33,717.09. The S&P 500 index was down 52.79 points, or 1.3 per cent, at 4,017.77, while the Nasdaq composite was down 227.90 points, or almost two per cent, at 11,393.81.
Last week was strong for markets, especially in the U.S., on optimism that central banks were nearing the end of their rate-hike cycles, said Les Stelmach, senior vice-president and portfolio manager at Franklin Templeton Canada.
“There’s an expectation inflation’s turning the corner,” said Stelmach.
“Maybe a pause or a reversal of tightening is what people are starting to bet…
