By Purvi Agarwal and Fergal Smith
(Reuters) -Canada’s main stock index posted its biggest decline in six months on Friday, adding to sharp losses the day before, as resource and technology shares paced a broad-based selloff amid increased worries the United States was headed for recession.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 495.58 points, or 2.2%, at 22,227.63, posting its biggest decline since Feb. 13.
The index has pulled back 3.8% since notching on Wednesday a record closing high at 23,110.81. For the week, the index was down 2.6%, after five straight weekly gains.
U.S. stocks also tumbled and investors raised bets the Federal Reserve would cut interest rates aggressively after data showed a significant slowdown in U.S. job growth in July.
The data “is obviously signaling a slowdown in the U.S. economy and unfortunately, perhaps, a recession. At least that’s how the markets are taking it,” said Allan…
