TORONTO – Canada’s main stock index posted a loss on Tuesday as weakness in energy and industrial stocks led the market lower, while U.S. stock markets were mixed.
Markets were digesting testimony before Congress from U.S. Federal Reserve chairman Jerome Powell, who said Tuesday that the central bank has made “considerable progress” in its fight against inflation.
In his testimony, Powell said inflation has eased notably and that cutting interest rates “too late or too little could unduly weaken economic activity and employment.”
The S&P/TSX composite index closed down 83.63 points at 22,042.50.
In New York, the Dow Jones industrial average was down 52.82 points at 39,291.97. The S&P 500 index was up 4.13 points at 5,576.98,while the Nasdaq composite was up 25.55 points at 18,429.29.
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