The Toronto stock market sustained a triple-digit loss Tuesday, amid world concern over Wednesday’s announcement by the U.S. Federal Reserve, and the prospect of Britain’s exit from the European Union.
The S&P/TSX Composite plunged 109.65 points to close Tuesday at 13,884.23
The Canadian dollar eased 0.05 cents to 77.84 cents U.S.
Base metals stocks suffered especially on Tuesday, as First Quantum plummeted in price 60 cents, or 6.8%, to $8.17, while Teck Resources fell 63 cents, or 4.3%, to $14.13.
Gold issues dulled as well, as Yamana Gold docked four cents to $6.20, while Kinross Gold went south five cents to $6.55.
On the other side of the coin, telecoms performed the best of all the sub- sectors, as BCE grew 59 cents, or 1%, to $59.12
Health-care stocks fought their way into the green, as Valeant Pharmaceuticals took on 45 cents, or 1.5%, to $30.97, though Concordia
Healthcare kept things grounded in that sector by losing 32 cents, or 1.1%, to $29.36.
ON BAYSTREET
The TSX Venture Exchange dropped 8.12 points, or 1.1%, to 707.75
All but three of the 13 TSX subgroups were lower, with metals and mining doffing 3.6%, materials down 1.8%, and gold sliding 1.4%.
The three gainers were in telecoms, up 0.9%, while health-care nicked up 0.1%, and consumer discretionary stocks eked up 0.02%.
ON WALLSTREET
U.S. stocks closed lower Tuesday, amid declines in oil prices, as investors looked ahead to the conclusion of the Fed meeting and the U.K. vote on whether to leave the European Union.
The Dow Jones Industrials declined 57.66 points – off its lows of the day -- to 17,674.82, with Home Depot and American Express contributing the most to declines.
The S&P 500 lost 3.74 points at 2,075.32. Financials led most S&P 500 sectors lower, while telecoms led advancers.
The NASDAQ dipped 4.89 points to 4,843.55, despite a nearly 1% rise in shares of Apple. Shares of Yahoo jumped about 2.2%.
Retail sales rose a more-than-expected 0.5% in May. Ex-autos, gasoline, building materials and food services, retail sales rose 0.4%
Import prices rose 1.4%, their largest gain in more than four years, while export prices jumped 1.1% in May. Business inventories rose 0.1% in April.
In other economic news, the National Federation of Independent Business survey said its small business optimism index rose 0.2 points to a reading of 93.8 last month, remaining below the 42-year average of 98.
The Federal Open Market Committee kicked off its two-day meeting Tuesday and Fed Chair Janet Yellen is scheduled to hold a press conference at the meeting's conclusion Wednesday afternoon. The central bank is also set to release its statement and summary of economic projections.
Prices for the 10-year Treasury dipped, raising yields to 1.62% from Monday’s 1.61%. Treasury prices and yields move in opposite directions.
Oil prices gave back 40 cents a barrel to $48.48 U.S.
Gold prices regained lost momentum and picked up $1.30 to $1,288.20 U.S. an ounce.
