TORONTO — North American stock markets dropped as the chairman of the Federal Reserve failed to reassure investors that interest rates aren’t about to increase.
The S&P/TSX composite index closed down 194.95 points at 18,125.72, despite strength in the energy sector which was helped by oil reaching its highest level in more than two years.
In New York, the Dow Jones industrial average was down 345.95 points at 30,924.14. The S&P 500 index lost 51.25 points at 3,768.47, while the Nasdaq composite fell 274.28 points to 12,723.47.
The Canadian dollar traded for 79.13 cents US compared with 79.17 cents US on Wednesday.
The April crude contract was up US$2.55 at US$63.83 per barrel and the April natural gas contract was down seven cents at nearly US$2.75 per mmBTU.
The April gold contract was down US$15.10 at US$1,700.70 an ounce and the May copper contract was down 16.35 cents at US$3.98 a pound.
This report by The Canadian Press was first published March 4, 2021.
