Fed chair renomination boosts bond yields but hurts technologies and TSX

·1 min read

TORONTO — The renomination of Jerome Powell as U.S. Federal Reserve chairman prompted bond yields to rise, which helped Canada's financials sector but hampered technology as Canada's main stock index suffered its worst day in a month.

The S&P/TSX composite index closed down 134.26 points to 21,420.77.

In New York, the Dow Jones industrial average was up 17.27 points at 35,619.25. The S&P 500 index was down 15.02 points at 4,682.94, while the Nasdaq composite was down 202.68 points at 15,854.76 after both set intraday record highs.

The Canadian dollar traded for 78.86 cents US compared with 79.12 cents US on Friday.

The January crude oil contract was up 81 cents at US$76.75 per barrel and the January natural gas contract was down 28.4 cents at US$4.86 per mmBTU.

The December gold contract was down US$45.30 at US$1,806.30 an ounce and the December copper contract was down 1.1 cents at nearly US$4.40 a pound.

This report by The Canadian Press was first published Nov. 22, 2021.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press

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