TORONTO — Canada's main stock index posted a loss on Tuesday as weakness in energy and industrial stocks led the market lower, while U.S. stock markets were mixed. Markets were digesting testimony before Congress from U.S.
TORONTO — Canada's main stock index posted a loss on Tuesday as weakness in energy and industrial stocks led the market lower, while U.S. stock markets were mixed.
In his testimony, Powell said inflation has eased notably and that cutting interest rates “too late or too little could unduly weaken economic activity and employment.”In New York, the Dow Jones industrial average was down 52.82 points at 39,291.97. The S&P 500 index was up 4.13 points at 5,576.98, while the Nasdaq composite was up 25.55 points at 18,429.29.
“Although the market was hoping it would be dovish, so maybe it was sort of in line with what market sentiment was,” he added. “I think he did a pretty good job of trying to not box himself into any particular time, as far as when rate cuts are going to continue.”
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