Stock markets in Canada and U.S. down after U.S. Federal Reserve decision

Canada’s main stock index was down nearly 100 points and U.S. stock markets were also lower after the U.S. Federal Reserve raised its key interest rate by three-quarters of a percentage point and signalled more sharp hikes to come.

The S&P/TSX composite index down 93.67 points at 19,275.02.

In New York, the Dow Jones industrial average was down 191.87 points at 30,514.36. The S&P 500 index was down 19.48 points at 3,836.45, while the Nasdaq composite was down 67.20 points at 11,357.85.

The Canadian dollar traded for 74.43 cents US compared with 74.93 cents US on Tuesday.

The November crude contract was down 39 cents at US$83.55 per barrel and the October natural gas contract was up two cents at US$7.73 per mmBTU.

The December gold contract was up US$5.50 at US$1,676.60 an ounce and the December copper contract was down four cents at US$3.46 a pound.

by The Canadian Press