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Energy sector falls to push S&P/TSX lower after inflation hits near 40-year high

Written by on June 22, 2022

TORONTO — Fears of weakened demand stemming from higher interest rates pushed the energy sector and Canada’s main stock index lower midweek as inflation hit a near 40-year high in May.

The S&P/TSX composite index closed down 253.25 points to 19,0004.04, ending two days of gains.

In New York, the Dow Jones industrial average was down 47.12 points at 30,483.13. The S&P 500 index was down 4.90 points at 3,759.89, and the Nasdaq composite was down 16.22 points at 11,053.08.

The price of the Canadian dollar wasn’t immediately available.

The August crude oil contract was down US$3.33 at US$106.19 per barrel and the July natural gas contract was up five cents at US$6.86 per mmBTU.

The August gold contract was down 40 cents at US$1,838.40 an ounce and the July copper contract was down 9.5 cents at US$3.94 a pound.

This report by The Canadian Press was first published June 22, 2022.

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

The Canadian Press