TORONTO – The Toronto stock market has piled on more losses amid signs that the U.S. Federal Reserve is getting ready to cut back on stimulus.
The S&P/TSX composite index fell 158.8 points to 11,836.86 on top of a slide of 192 points last week.
Meanwhile, the rising greenback pushed the Canadian dollar down 0.27 of a cent to 95.37 cents US.
U.S. indexes also ended in the red with the Dow Jones industrials down 139.84 points to 14,659.56 on top of a 271-point slide last week. The Nasdaq composite index gave back 36.49 points to 3,320.76 and the S&P 500 index lost 19.34 points to 1,573.09.
Markets have tumbled since last Wednesday after Fed chairman Ben Bernanke signalled that the U.S. central bank thinks it could start to wind up its bond buying program this year.
China also pressured markets as the government allowed commercial lending rates to soar as part of an effort to trim off-balance-sheet lending that could threaten the financial stability of the world’s second-largest economy.