Materials and financials weigh on Toronto stocks, loonie up against U.S. dollar

Materials and financials weigh on Toronto stocks, loonie up against U.S. dollar
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TORONTO — Canada’s main stock index posted a triple-digit decline, led lower by the materials and financial sectors, while the loonie traded higher in the wake of an interest rate hike by the Bank of Canada.

The S&P/TSX composite index was down 203.32 points at 15,081.85 in morning trading.

In New York, the Dow Jones industrial average was down 123.52 points at 25,067.91. The S&P 500 index was down 17.79 points at 2,722.90, while the Nasdaq composite was down 66.92 points at 7,370.61.

The Canadian dollar traded higher at 76.85 cents US compared with an average of 76.35 cents US on Tuesday in the wake of the Bank of Canada’s decision to raise its key interest rate by a quarter of a percentage point to 1.75 per cent.

The December crude contract was up 47 cents at US$66.90 per barrel and the November natural gas contract was down 0.7 of a cent at US$3.20 per mmBTU.

The December gold contract was down US$2.80 at US$1,234.00 an ounce and the December copper contract was up 0.30 of a cent at US$2.76 a pound.

The Canadian Press

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