Stock losses deepen in midday trading


Creators lurched lower again in midday trading Thursday, extending a dash of losses and putting the market on track for its second big weekly decline in a row.

Demands got off to a mixed start but fell steadily as the morning wore on. Technology institutions, the leading sector over the past year, and banks fell the most.

Amass trading turned volatile over the last several days, commencing an unusually long period of calm, and the market is on track for its fifth extermination in the last six days. European markets were also lower after the Bank of England spoke it could raise interest rates in the coming months.

After Brobdingnagian gains in the first weeks of this year, stocks tumbled Friday after the Labor Jurisdiction said workers’ wages grew at a fast rate in January. That’s angelic for the economy, but investors worried it will hurt corporate profits and that boosting wages are a sign of faster inflation. It could prompt the Federal Cache to raise interest rates at a faster pace, which would act as a down on the economy.

On Bay Street, the S&P/TSX composite index was down about 113 themes, or 0.74 per cent , at 15,217.37 points in early afternoon trading.

The Canadian dollar was barter lower by 0.26 of a cent at 79.32 cents US. 

The S&P 500 shed about 45 points to hit 2,636.

The Dow Jones industrial average lost more than 500 issues, or about two per cent, to 24,364. Boeing and Caterpillar took some of the wrong losses. The Nasdaq composite fell 141 points, or 2 per cent, to 6,109.

The shrinkages were broad. Three stocks fell for every one that bring about on the New York Stock Exchange, and nine out of the 11 industry sectors in the S&P 500 pointer were down.

Bond prices recovered most of an early impoverishment, sending yields slightly higher. The yield on the 10-year Treasury note wake up to 2.85 per cent from 2.84 per cent.

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