Stocks in Toronto and U.S. down on signal about smaller Fed rate cut

Stocks in Toronto and U.S. down on signal about smaller Fed rate cut
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TORONTO — Canada’s main stock index posted a triple-digit decline and U.S. markets fell after the Federal Reserve signalled an interest rate cut next month could be smaller than forecast.

The S&P/TSX composite index closed down 152.19 points to 16,371.28.

In New York, the Dow Jones industrial average was down 179.32 points at 26,548.22. The S&P 500 index was down 27.97 points at 2,917.38, while the Nasdaq composite was down 120.98 points at 7,884.72.

The Canadian dollar traded for an average of 75.91 cents US compared with an average of 75.79 cents US on Monday.

The August crude contract was down seven cents at US$57.83 per barrel and the August natural gas contract was up 0.2 cents at US$2.29 per mmBTU.

The August gold contract was up 50 cents at US$1,418.70 an ounce and the July copper contract was up three cents at US$2.74 a pound.

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

The Canadian Press

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