North American equity markets had their worst week since March
Nine of the TSX's eleven sectors fell on Friday, led by utilities and information technology.
Share October 30, 2020 5:14 p.m. Updated at 6:52 p.m. Share North American stock markets have had their worst week since March The Canadian Press TORONTO – The Toronto Stock Exchange ended its worst trading session on Friday since its big correction in March, investors worried about rising rates of COVID-19 infection.
Toronto's S & P / TSX Composite Index fell 90.06 points to end the session with 15,580.64 points.
For the week as a whole, the flagship TSX index posted a decline of 4.4%, its largest weekly drop since the 13.6% drop recorded on March 20.
The S & P / TSX is also 7.2% below its high in late August, after enjoying a rally.
It finally posted a decline of 3.3% for the month of October, which comes on top of the 2.4% decline in September. These two declines follow a string of months of gains following March's cumulative 17.7% plunge.
In New York, the Dow Jones Industrials Average fell 157.51 points to 26,501.60 points on Friday, while the broader S&P 500 Index returned 40.15 points to 3269.96 points. The Nasdaq Composite Index retreated 274.00 points to 10,911.59 points.
The recent market declines are the result of the pandemic, politics and corporate profits, said Philip Petursson, chief investment strategist at Manulife Investment Management.
The most important of these influences is the COVID-19 pandemic due to the increase in the number of infections across the world and new containment measures in France and Germany.
The uncertainty surrounding Tuesday's U.S. election also played a role, since it's historically a trigger for volatility, he continued.
“So there is a lot of uncertainty that continues to create volatility,” Petursson said in an interview.
Nine of the TSX's eleven sectors fell on Friday, led by utilities and information technology.
For its part, the materials sector advanced 1.5%, supported by rising precious metal prices, amid concerns about higher inflation, noted Petursson.
In the currency market, the Canadian dollar traded at an average rate of 75.09 cents US, up from its average rate of 74.91 cents US the previous day.
On the New York Commodities Exchange, the price of crude oil fell 38 cents US to US $ 35.79 per barrel, while that of gold climbed from US $ 11.90 to US $ 1,879.90 the ounce. The price of copper fell nearly a US cent to close just below US $ 3.05 a pound.
