The TSX joined stock markets around the world in a new round of selling off Monday, as surging cases of the coronavirus reignited concerns that the economic impact of the pandemic is still far from over.
The S&P/TSX Composite Index was down by almost 400 points or more than 2.5 per cent nearing midday, as health-care companies, energy companies, mining companies, banks and even tech names were all lower.
Losses began in Asia as soon as trading opened for the week, and they accelerated in Europe on worries about the possibility of tougher restrictions there to stem rising coronavirus counts.
In New York, the broad S&P 500 was down by 84 points or 2.5 per cent, while the Dow Jones fared even worse, down almost 1,000 points or 3.5 per cent.
Bank stocks had sharp losses Monday morning after a report alleged that several of them continue to profit from illicit dealings with criminal networks despite being previously fined for similar actions.
Shares in technology companies have been on fire for the past six months, as pandemic lockdowns have caused booming demand for online services such as Amazon, Netflix, Apple and Facebook.
But tech companies have been selling off of late on fears that they have risen too far, too fast.
"Stock markets around the world are trading lower to start the week amid mounting uncertainty," said Colin Cieszynski, chief market strategist with SIA Wealth Management in Toronto. "Growing uncertainty and volatility in world markets has sparked a move of capital."
https://news.google.com/__i/rss/rd/articles/CBMiPWh0dHBzOi8vd3d3LmNiYy5jYS9uZXdzL2J1c2luZXNzL3RzeC1tYXJrZXRzLWRvbGxhci0xLjU3MzI0NzTSASBodHRwczovL3d3dy5jYmMuY2EvYW1wLzEuNTczMjQ3NA?oc=5
2020-09-21 16:19:00Z
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