S&P/TSX composite ekes out barest of gains on day but down for the quarter
Global News
The S&P/TSX composite index closed up 2.38 points at 18,444.22, marking a second negative quarter in a row.
A volatile trading day capped the quarter as an early rally evaporated to leave the S&P/TSX composite index with the barest of gains, while U.S. markets swung deep into the red.
The trading, which saw North American markets give up what were gains of more than one per cent in morning trading, was emblematic of recent sessions that have been scattered but weighted to the downside as investors fear for the economy because of the determination of central banks to make borrowing money more expensive.
“There’s been a handful of Fed speakers all week that have been out again today, reinforcing this message that they remain firmly on the path of fighting inflation, they keep coming back to that message,” said Mike Archibald, vice-president and portfolio manager with AGF Investments Inc.
U.S. Federal Reserve Vice Chair Lael Brainard was the latest, insisting Friday that the bank won’t pull back on rates prematurely.
“That seems to continue to throw a little bit of cold water on any rally attempts that the broader market has had,” said Archibald.
The reminder of the Fed’s resolve, along with an indicator of inflation in the U.S. running hotter than expected, was enough to erase the early rally Friday.
In the end, the S&P/TSX composite index closed up 2.38 points at 18,444.22, marking a second negative quarter in a row. The index is now down 15.7 per cent since the end of March.
“It’s certainly been a challenging market for investors, obviously inflation has been elevated, the bond market has been a challenge as well, so hasn’t been a lot of places for investors to hide here in 2022,” said Archibald.
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