CANADA STOCKS-TSX falls the most in one month as the Fed hikes rates

Wed Dec 14, 2016 5:36pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds portfolio manager quotes and details of Fed decision, updates prices)

* TSX closed down 188.09 points, or 1.22 percent, at 15,197.18

* All of the index's 10 main groups end lower

By Fergal Smith

TORONTO, Dec 14 (Reuters) - Canada's main stock index fell the most in one month on Wednesday, retreating from a 19-month high the previous day, with resource shares leading a broad-based sell-off as oil and gold fell after the U.S. Federal Reserve raised interest rates.

The Toronto Stock Exchange's S&P/TSX composite index closed down 188.09 points, or 1.22 percent, at 15,197.18.

It was the sharpest drop since Nov. 11.

Still, the index has surged 32 percent since hitting a three-year low in January, with an agreement among major oil producers to cut output and the prospect of U.S. economic stimulus giving the rally some recent additional momentum.

The Fed raised interest rates by a quarter point and signaled a faster pace of increases in 2017 as the Trump administration takes over with promises to boost growth through tax cuts, spending and deregulation.   Continued...