(MENAFN- Baystreet.ca)
TSX Plumbs New Lows
Lilly in Focus
Canada's main stock index hit 10-week lows on Friday, with losses led by energy stocks, as investors retreated from riskier assets on worries about the economic impact of aggressive monetary policy tightening globally.
The TSX Composite tumbled 469.96 points, or 2.5%, to begin the week's last session at 18,532.32.
The Canadian dollar skidded 0.47 cents to 73.75 cents U.S.
ON BAYSTREET
The TSX Venture Exchange dropped 23.77 points, or 3.9%, to 602.94.
All 12 TSX subgroups fell in the first hour, with energy swooning 6%, materials down 4.1%, and gold off 3.7%.
ON WALLSTREET
Stocks on Thursday posted their third straight daily decline, as mounting fears that the Federal Reserve's aggressive rate hikes will push the economy into a recession dented risk appetite for investors.
The Dow Jones Industrials jettisoned 416.97 points, or 1.4%, to 29,651.11.
The S&P 500 retreated 65.25 points, or 1.7%, to 3,692.91.
The NASDAQ Composite let go of 214.49 points, or 1.9%, to 11,066.81.
Thursday's session left the major averages on pace to close the week with losses. The Dow is down about 2.4% week to date, while the S&P has lost 3%, and NASDAQ tumbled 3.3%, respectively. The S&P and Dow closed Thursday 2.5% and 0.5% off their recent lows.
Defensive stocks outperformed with drugmakers and consumer staples in the green on Thursday. Eli Lilly shares gained 4.9% after UBS upgraded the stock and said it could be developing the biggest drug ever.
Treasury prices fell slightly, sending yields up to 3.72% from Thursday's 3.70%. Treasury prices and yields move in opposite direction.
Oil prices dragged $4.69 to $78.80 U.S. a barrel.
Gold prices thundered lower $29.00 to $1,652.10 U.S. an ounce.
MENAFN23092022000212011056ID1104916302
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.