22:17:55 EDT Thu 16 May 2024
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Globe/wire say TSX sinks to six-week low

2023-08-18 09:28 ET - In the News

The Globe and Mail reports in its Friday edition that Canada's main stock index fell on Thursday to a six-week low, as the recent move higher in bond yields made stocks less attractive to investors. A Reuters dispatch to The Globe says that the S&P/TSX Composite Index ended down 86.84 points at 19,812.23, its lowest closing level since July 6. Canada's 10-year yield touched its highest level in nearly 15 years at 3.828 per cent. The Toronto market's technology sector fell 2.1 per cent and heavily weighted financials were down 0.8 per cent. The energy sector was a bright spot, rising 1.5 per cent, as the price of oil settled 1.3 per cent higher at $80.39 (U.S.) a barrel after China's central bank sought to bolster the property market and wider economy. Wall Street's main indexes closed lower as losses in health care stocks eclipsed gains in Cisco and energy stocks, while upbeat economic data kept alive fears of interest rates remaining higher for longer. The Dow Jones Industrial Average fell 290.91 points to 34,474.83. Also pressuring equities, the yield on 10-year U.S. Treasury notes hit its highest level since October as a raft of strong economic data this week stokes concerns the Fed could keep interest rates up.

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