The Canadian Stock Market outlook for Wednesday was for the TSX Composite Index to enter a choppy session with some selling but a good chance for a positive close. Instead the close saw the TSX give back the morning rally and close negative on nervousness over a possible US interest rate increase in June.
TSX Composite Index Falls 91.09 Points
The TSX Composite Index started off with a positive rally which shortly after 10:00 AM had the TSX Composite Index at 13,949.50 with most sectors of the market up. The Canadian Stock Market trended sideways from 10:00 am until around 2:00 PM when the FOMC report was released. The US dollar rose on the minutes which showed a probability of a US interest rate increase in June. This depressed stocks both in the US and in Canada. The TSX slumped quickly to 13800, a drop of 120 points. From there the market drifted sideways into the close. The TSX Composite Index ended the day at 13826.01, down 0.65% for the day.
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TSX Composite Index – Canadian Stock Market Outlook for May 19 2016
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