S&P/TSX composite bounces back from morning low after supersized rate hike

North American stock markets partially bounced back from disappointing news Wednesday of a supersized interest rate by the Bank of Canada and hotter than expected inflation numbers in the U.S.

The S&P/TSX composite index closed down 63.45 points to a 16-month low of 18,615.19.

In New York, the Dow Jones industrial average was down 208.54 points at 30,772.79. The S&P 500 index was down 17.02 points at 3,801.78, while the Nasdaq composite was down 17.15 points at 11,247.58.

The Canadian dollar traded for 77.07 cents US compared to 76.83 cents US on Tuesday.

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The August crude contract was up 46 cents at US$96.30 per barrel and the August natural gas contract was up 52.6 cents at US$6.69 per mmBTU.

The August gold contract was up US$10.70 at US$1,735.50 an ounce and the September copper contract was up 3.5 cents at US$3.32 a pound.