TSX recap: Index falls nearly 500 points in broad decline

Canada's main stock index lost more than two per cent on Tuesday on a broad-based decline, following U.S. markets as they slid on news that inflation in January was hotter than expected.

U.S. prices rose 3.1 per cent compared with January 2023, lower than December’s annual rate but higher than economists expected. 

“The CPI print this morning just reminded everyone that getting to two per cent was not going to be as easy as they previously thought,” said Pierre-Benoît Gauthier, assistant vice-president of investment strategy at IG Wealth Management.

“The market is reacting really strongly.”