Toronto stock market slumps in worst day of the year

The Canadian Press
Published Tuesday, May 28, 2019 11:47PM EDT
Last Updated Wednesday, May 29, 2019 4:33PM EDT

TORONTO -- Canada's main stock index had its worst day of the year on heightened concerns about an economic slowdown in a disconnect from the Bank of Canada's more optimistic outlook.

The S&P/TSX composite index closed down 165.99 points to 16,131.47.

In New York, the Dow Jones industrial average was down 221.36 points at 25,126.41. The S&P 500 index was down 19.37 points at 2,783.02, while the Nasdaq composite was down 60.04 points at 7,547.31.

The Canadian dollar traded at an average of 74.00 cents US compared with an average of 74.20 cents US on Tuesday after the Bank of Canada kept its key interest rate on hold at 1.75 per cent. The central bank pointed to "accumulating evidence" of improvements in the economy, but noted that trade risks remain.

The July crude contract was down 33 cents at US$58.81 per barrel and the July natural gas contract was up four cents at US$2.62 per mmBTU.

The August gold contract was up US$3.80 at US$1,286.30 an ounce and the July copper contract was down 3.2 cents at US$2.66 a pound.

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