S&P/TSX composite falls more than 500 points, U.S. markets drop amid risk-off moves
BNN Bloomberg
Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Dustin Reid, vice-president and chief strategist for fixed income at Mackenzie Investments, said markets were seeing risk-off moves amid higher energy prices and inflationary risks.
“You’re seeing pricing for central bank hikes move further and further in that direction. So it’s having a pretty significant impact on all asset classes of course, and equities are no exception,” he said.
The S&P/TSX composite index was down 537.57 points at 31,317.41.
In New York, the Dow Jones industrial average was down 443.96 points at 45,577.47. The S&P 500 index was down 100.01 points at 6,506.48, while the Nasdaq composite was down 443.08 points at 21,647.61.
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