Canadian Stocks Sink Into First Correction Since 2020 Crash

According to Canadian stocks sunk for a fifth straight day, closing in correction territory on Wednesday for the first time since the pandemic-induced crash in 2020, as investors flee equity markets amid rate hikes and recession concerns.

The S&P/TSX Composite Index closed 0.3% lower on Wednesday and has tumbled more than 10% from its record closing price reached on March 29. Financial, technology and consumer discretionary stocks were among the biggest losers on Wednesday, offsetting gains in oil and mining companies.

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