TSX drops to seven-week low as Fed raises rates
Canadas main stock index fell to a nearly seven-week low as the Federal Reserve raised interest rates and oil prices dropped. The energy sector led declines while utilities advanced. Wall Street also lost ground following the rate hike.
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Canada's main stock index fell 90.8 points, or 0.3%, to 35,491.27 on Wednesday afternoon, hitting a nearly seven-week low. The S&P/TSX Composite Index reached its lowest closing level since July 31 as oil prices dropped and the United States Federal Reserve hiked interest rates. The policy shift mirrors broader market losses across North America following hotter-than-expected inflation data.
