S&P/TSX composite suffers worst day since November as investors weigh higher rates

A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong, May 5, 2022. (AP Photo/Kin Cheung)

Canada's main stock index suffered its worst day in more than five months as investors appeared to put aside dovish Federal Reserve comments a day earlier to instead focus on the magnitude of interest rates to come.

The S&P/TSX composite index closed down 488.78 points, or 2.3 per cent, to 20,696.17.

In New York, the Dow Jones industrial average was down 1,063.09 points at 32,997.97. The S&P 500 index was down 153.30 points at 4,146.87, while the Nasdaq composite was down 647.17 points or 5.0 per cent at 12,317.69.

The Canadian dollar traded for 77.99 cents US compared with 78.06 cents US on Wednesday.

The June crude contract was up 45 cents at US$108.26 per barrel and the June natural gas contract was up 36.8cents at US$8.78 per mmBTU.

The June gold contract was up US$6.90 at US$1,875.70 an ounce and the July copper contract was down 4.7 cents at US$4.29 a pound.

This report by The Canadian Press was first published May 5, 2022.