TORONTO — North American stock markets were pummelled by a Fed warning of a prolonged economic downturn amid growing concerns about a second wave of COVID-19 infections.
The S&P/TSX composite index closed down 377.95 points or 2.5 per cent at 14,503.21.
In New York, the Dow Jones industrial average was down 516.81 points at 23,247.97. The S&P 500 index was down 50.12 points at 2,820.00, while the Nasdaq composite was down 139.38 points at 8,863.17.
The Canadian dollar traded for 71.06 cents US compared with an average of 71.35 cents US on Tuesday.
The July crude contract was down 65 cents at US$25.68 per barrel and the June natural gas contract was down 10.4 cents at nearly US$1.62 per mmBTU.
The June gold contract was up US$9.60 at US$1,716.40 an ounce and the July copper contract was down 1.3 cents at nearly US$2.35 a pound.
This report by The Canadian Press was first published May 13, 2020.
