TORONTO — Canada's main stock index fell one per cent Friday, led by industrials, utilities and base metals, while U.S. markets retreated as both countries released new information about their job markets.
TORONTO — Canada's main stock index fell one per cent Friday, led by industrials, utilities and base metals, while U.S. markets retreated as both countries released new information about their job markets.In New York, the Dow Jones industrial average was down 87.18 points at 38,798.99. The S&P 500 index was down 5.97 points at 5,346.99, while the Nasdaq composite was down 40.00 points at 17,133.13.
“The jobs report came in much stronger than expected. And of course, that implies that there’s significant wage pressure on the U.S. economy,” said Andrew Buntain, vice president and portfolio manager at Fiduciary Trust Canada.That’s good news for some parts of the economy, he said, but bad news for those looking for interest rate cuts.
The Bank of Canada was the first of the G7 central banks to cut rates this week, followed by the European Central Bank a day later. While the cut came as welcome news to many, it’s also just a small step, noted Buntain. But the relative strength of Friday’s report makes a second cut in July less likely, he added.
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