Shockwaves on Wall Street unleashed by jobs data out of the U.S. sent strong tremors north of the border Friday, as Canada’s main stock index shook over fears of a weakening U.S. economy and tech sector.
The S&P/TSX composite index plunged 495.58 points to close at 22,227.63.
In New York, the Dow Jones industrial average sank 610.71 points to 39,737.26. The S&P 500 index decreased 100.12 points to 5,346.56, while the Nasdaq composite plummeted 417.98 points to 16,776.16 — down roughly 10 per cent from its July high.
Friday’s declines followed a report showing U.S. job growth slowed sharply last month and the unemployment rate jumped to 4.3 per cent, its highest level since October 2021.
The ripple effect on Bay Street reflected a global selloff of stocks sparked by the lacklustre hiring numbers out of the United States and lent weight to worries the U.S. Federal Reserve was behind the curve on interest rate cuts, said…
