TORONTO — Canada’s main stock index lost more than one per cent on Wednesday in a broad-based slump and U.S. markets also fell, as stocks took a dramatic turn in the later half of the afternoon.
TORONTO — Canada’s main stock index lost more than one per cent on Wednesday in a broad-based slump and U.S. markets also fell, as stocks took a dramatic turn in the later half of the afternoon.
The sudden weakness didn’t seem to be sparked by a particular news event, said Kevin Burkett, portfolio manager at Victoria-based Burkett Asset Management.
But after an “incredible run” for markets over the past couple of months as rate expectations shifted, investors are likely taking a cautious step back, he said.
“There’s a lot of nervousness around the rally of the last 30 days.”
The S&P/TSX composite index closed down 238.82 points at 20,600.81.
In New York, the Dow Jones industrial average was down 475.92 points at…
