TORONTO — North American markets faced a harsh reckoning Thursday following the U.S. Federal Reserve’s outsize rate hike a day earlier, with Canada’s main stock index dropping more than 600 points at closing time.
The S&P/TSX composite index closed down more than three per cent or 607.50 points at 19,004.06.
In New York, the Dow Jones industrial average was down 741.46 points at 29,927.07. The S&P 500 index was down 123.22 points at 3,666.77, while the Nasdaq composite was down 453.06 points or 4.1 per cent at 10,646.10.
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The Canadian dollar traded for 77.35 cents US compared with 77.23 cents US on Wednesday.
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The August crude contract was up US$2.15 cents at US$115.24 per barrel and the July natural gas contract was up 44 cents at US$7.46 per mmBTU.
The August gold contract was up US$30.30 at US$1,849.90 an ounce and the July copper contract was down about five cents at US$4.11 a pound.
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