North American stock markets fall after inflation spike raises fears of rate hikes

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TORONTO — North American stock markets sank midweek as the hottest U.S. inflation numbers in more than 30 years had investors worrying that central banks will speed up interest rate hikes.

The S&P/TSX composite index closed down 132.59 points to 21,461.93.

In New York, the Dow Jones industrial average was down 240.04 points at 36,079.94. The S&P 500 index was down 38.54 points at 4,646.71, while the Nasdaq composite was down 263.83 points at 15,622.71.

The Canadian dollar traded for 80.31 cents US compared with 80.33 on Tuesday.

The December crude oil contract was down US$2.81 at US$81.34 per barrel and the December natural gas contract was down 9.9 cents at US$4.88 per mmBTU.

The December gold contract was up US$17.50 at US$1,848.30 an ounce and the December copper contract was down five cents at US$4.32 a pound.

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

 


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