Canada’s main stock index lost almost 300 points Tuesday in a broad-based decline led by energy and base metals, while U.S. markets also slid ahead of the central bank’s upcoming interest rate decision.
After several months of relatively uninterrupted upward movement on Wall St., April has seen increased volatility as recent economic data forced investors to rethink their interest rate cut expectations, said Ilana Schonwetter, investment advisor and portfolio manager at Blueshore Financial.
“We seem to be in a time now where we are very reactive to data as it comes in,” she said, whether it’s economic data or earnings.
The S&P/TSX composite index closed down 297.08 points at 21,714.54.
In New York, the Dow Jones industrial average was down 570.17 points at 37,815.92. The S&P 500 index was down 80.48 points at 5,035.69, while the Nasdaq composite was down 325.26 points at 15,657.82.
