TSX posts biggest weekly decline in two years

TORONTO, June 19 (Reuters): Canada's main stock index fell on Friday to close out its worst week in more than two years, as the energy sector continued its recent losing streak and offset gains by technology and consumer discretionary stocks.
The Toronto Stock Exchange's S&P/TSX composite index ended down 73.58 points, or 0.4 per cent, at 18,930.48, its lowest closing level since March 2021.
For the week, the TSX was down 6.6 per cent, its biggest weekly decline since March 2020.
US stocks were also volatile this week as investors grappled with a likely recession on the heels of rate hikes by multiple global central banks, including a three-quarter-percentage-point move by the Federal Reserve on Wednesday, seeking to tame rising inflation. read more
"All this chatter about recession has had investors really concerned," said Elvis Picardo, portfolio manager at Luft Financial, iA Private Wealth.
"And on top of that we've seen a bit of a pullback in oil prices ... Energy equities were riding so high I think there has been a massive bout of profit taking in them."