North American stock indexes ended sharply lower on Tuesday as 10-year Treasury yields held their multi-year highs, with investors still wrestling with prospects for a long period of high interest rates and the economic fallout.
The Dow posted its biggest one-day percentage drop since March, while all three major U.S. averages as well as the Canadian benchmark stock index ended at their lowest closing levels in more than three months.
Adding to investor anxiety was the potential of a partial U.S. government shutdown by the weekend, which ratings agency Moody’s warned would harm the country’s credit.
Benchmark 10-year Treasury yields in both the U.S. and Canada have climbed to 16-year highs in the wake of the Federal Reserve’s hawkish longer-term rate outlook last week.
A ONCE IN A LIFETIME VOYAGE NARRATED BY SOME OF YOUR FAVOURITE JOURNALISTS
The Globe and Mail invites you to join us on our seventh cruise provided by Scenic, The Globe and Mail South of France Cruise. Your tour starts in the iconic city of Paris where you’ll enjoy two brilliant days exploring the city. We then travel to the culinary capital of France, Lyon, where your cruise journey begins with an elegant ride along the gentle Rhône and Saône rivers, the 8-day trip will take you to some of Southern France’s most captivating locales. Embark on a luxury experience with only 150 likeminded Canadian guests and Globe journalists while enjoying world-class service. Enjoy modern luxury as you dine, unwind and explore the South of France in a way that only The Globe can offer. To reserve your cabin, visit Tgam.ca/SouthofFrance or call Scenic Luxury Cruises at 1-855-863-8683.
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