BEFORE THE BELL: North American markets look to recover from heavy Wednesday slump
After the markets were slammed yesterday by another US interest rate hike, there may be some room for recovery today. Analysts suggest North American markets are picking up the pieces in pre-trading, after the Dow fell to its lowest level in a year. The shift came after the US Federal Reserve announced another rate hike to 2.5 per cent, and suggested two more would be coming in 2019. But, experts say the announcement also fueled the recession speculation fire spreading through the markets, as the Fed didn’t appear to be putting a strong enough outlook on the New Year.
The price of crude took another dive and is continuing to wallow in the red this morning down to 46.78 a barrel.
The Loonie has pulled out of a rut, climbing to 74.25 cents US.