TORONTO — Markets on both sides of the border fell sharply Wednesday afternoon after the U.S. Federal Reserve cut interest rates and shrank its projections for cuts in the new year, with the S&P 500 losing almost three per cent and the TSX down more than two per cent.
The S&P/TSX composite index closed down 562.71 points at 24,557.
In New York, the Dow Jones industrial average was down 1,123.03 points at 42,326.87. The S&P 500 index was down 178.45 points at 5,872.16, while the Nasdaq composite was down 716.37 points at 19,392.69.
The Canadian dollar traded for 69.72 cents US compared with 69.91 cents US on Tuesday.
The February crude oil contract was up 37 cents at US$70.02 per barrel and the January natural gas contract was up six cents at US$3.37 per mmBTU.
The February gold contract was down US$8.70 at US$2,653.30 an ounce and the March copper contract was up a penny at US$4.16 a pound.
This report by The Canadian Press was first published Dec. 18, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press