TORONTO — Canada’s main stock index dropped more than 500 points in late-morning trading as it was weighed down by broad-based losses, while U.S. stock markets also tumbled in the wake of the U.S. Federal Reserve’s oversized rate hike on Wednesday.
The S&P/TSX composite index was down 525.55 points at 19,086.01.
In New York, the Dow Jones industrial average was down 720.67 points at 29,947.86. The S&P 500 index was down 115.59 points at 3,674.40, while the Nasdaq composite was down 413.88 points at 10,685.27.
The Canadian dollar traded for 77.31 cents US compared with 77.23 cents US on Wednesday.
The August crude contract was up 46 cents at US$113.55 per barrel and the July natural gas contract was up 27 cents at US$7.69 per mmBTU.
The August gold contract was up US$16.50 at US$1,836.10 an ounce and the July copper contract was down 11 cents at US$4.06 a pound.