Canadian Stocks Drop as Gold Plunges and Inflation Accelerates
Canada's stocks benchmark tumbled on Tuesday, underperforming its US counterpart, as inflation quickened more than expected and falling gold prices weighed on the mining sector.
The S&P/TSX Composite Index dropped as much as 1.8% as of 11:55 a.m. in Toronto, heading for its worst day since April 10.
The performance stands in sharp contrast to the US benchmark, the S&P 500, which is gaining for a third-straight session.
Canada’s stocks benchmark tumbled Tuesday, under-performing its U.S. counterpart as inflation in the country quickened more than expected while falling gold prices weighed on the mining sector.
Author's summary: Canadian stocks fell due to inflation and gold price drops.