Major North American indices down after Fed indicates more rate hikes to come

TORONTO _ Major North American indices fell after the Federal Reserve said it will raise interest rates this year more times than initially expected.

The Toronto Stock Exchange’s S&P/TSX composite index fell 23.16 points to 16,265.82.

In New York, the Dow Jones industrial average shed 119.53 points to 25,201.20. The S&P 500 index retreated by 11.22 points to 2,775.63 and the Nasdaq composite index lost 8.09 points to 7,695.70.

The Canadian dollar averaged 76.99 cents US, up 0.09 of a US cent.

The July crude contract gained 28 cents to US$66.64 per barrel and the July natural gas contract advanced about two cents to US$2.96 per mmBTU.

The August gold contract rose US$1.90 to US$1,301.30 an ounce and the July copper contract moved up about a penny to US$3.25 a pound.