Canada’s main stock index closed the week essentially unchanged to cap off a losing week, while U.S. markets fell after the Federal Reserve’s latest moves to fight inflation.
The S&P/TSX composite index closed down 0.77 of a point to 20,739.01 after moving lower at the end of the day after hitting an intraday high of 20,857.96.
U.S. stock markets continued to assess the Federal Reserve’s stimulus tightening and plans for three interest rate hikes next year to tackle inflation.
In New York, the Dow Jones industrial average was down 532.20 points at 35,365.44. The S&P 500 index was down 48.03 points at 4,620.64, while the Nasdaq composite was down 10.76 points at 15,169.68.
“The Fed has become more hawkish and more cognizant of the inflation threat, and I think that’s one thing that’s weighing on markets,” said Anish Chopra, managing director with Portfolio Management Corp.