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S&P/TSX composite closes down more than 500 points, U.S. stock markets tumble lower

Written by on September 23, 2022

TORONTO — Rising fears around future economic growth weighed heavily on markets Friday, pushing Canada’s main stock index sharply down along with the commodities that underpin so much of it, while U.S. markets also dropped.

The S&P/TSX composite index ended down 521.70 points, or 2.75 per cent, at 18,480.98 in broad-based declines led by the energy sector.

In New York, the Dow Jones industrial average closed down 486.27 points, or 1.6 per cent, at 29,590.41. The S&P 500 index was down 64.76 points, or 1.7 per cent, at 3,693.23, while the Nasdaq composite was down 198.88 points, or 1.8 per cent, at 10,867.93.

The Canadian dollar traded for 73.69 cents US compared with 74.18 cents US on Thursday.

The November crude contract was down US$4.75 at US$78.74 per barrel and the November natural gas contract was down 20 cents at US$6.99 per mmBTU.

The December gold contract was down US$25.50 at US$1,655.60 an ounce and the December copper contract was down 13 cents at US$3.34 a pound.

This report by The Canadian Press was first published Sept. 23, 2022.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press