TORONTO –
Canada’s main stock index closed down more than three per cent in a broad-based decline driven by falling commodity prices as investors continue to worry about the effects of rising rates.
Monday’s market drop, which included similar declines in U.S. markets, comes as an extension of the pressure markets have been under in recent weeks, said Craig Fehr, an investment strategist at Edward Jones.
“Markets 1/8 are 3/8 struggling to get comfortable with an environment where central banks broadly, but perhaps most prominently the Fed, are likely to continue to tighten into what is an economy that is showing a little bit of wear and tear.”
The S&P/TSX composite index had been insulated somewhat from the trend earlier in the year thanks to rising commodity prices, but Monday saw declines across major resources as investor worry about growth prospects helped push the market down.
The…
