India, June 5 -- Reversing the gains from yesterday's session, Canadian stocks plunged on Friday amid expectations of tighter monetary policy for an extended period following jobs data releases in Canada and the U.S. In addition, traders resorted to profit taking from yesterday's surge.
After opening below yesterday's close, today the benchmark S&P/TSX Composite Index traded firmly lower throughout the rest of the session before settling at 34,413.64, down by 803.42 points (or 2.28%).
Seven of the 11 sectors posted gains today, with the healthcare sector leading the pack.
Data released by Statistics Canada today revealed that the unemployment rate in Canada fell to 6.6% in May from 6.9% in the previous month, firmly below market expectat...