(Source: CBC)
[Overseas Net compiled report on March 10] As of 10 am local time on March 9, 2020, Canadian oil prices have fallen by as much as 30%. The stock market stagnated and bond yields plummeted.
According to Canadian CBC News, the Toronto Stock Exchange (TSX) has experienced its worst day in decades. Investors frightened by the new crown virus dumped almost all their stocks because of the plunge in oil prices.
North American stocks sold in large quantities throughout the day. The New York Stock Exchange, the Nasdaq Stock Exchange and the Toronto Stock Exchange have all activated the "fuse mechanism" to ease the panic selling within a few minutes after the opening on Monday to calm down. Trading activity calmed the stock market.
The Toronto Stock Exchange performed worse than any exchange, with the benchmark index closing down 1,660 points to 14,514. For the Toronto Stock Exchange, this was the worst day since Black Monday in 1987, worse than any day during the 2009 financial crisis.
This also means that the Toronto Stock Exchange has lost more than 18% of its value in less than a month, because the Toronto Stock Exchange has just touched the 18,000 level until February 20. The situation in New York was equally bad. The Dow Jones index fell more than 2,000 points, or nearly 8%, while the S&P 500&x27;s 500 index fell 226 points, or 7.6% of its market value. Even the technology-focused Nasdaq Index fell 7%.
Peter Cardillo, chief market economist at Spartan Capital in New York, said: “This is basically a panic selling. There are a lot of concerns in the market, which shows that the global recession is not far away. "John Zechner, a Toronto-based financial planner, called the sell-off "a selling panic." In an interview, he said: "This represents a great increase in the possibility of economic globalization recession. (Overseas Net-Canada-Zhu Fengjie, Leng Xiaoxue)
Editor: Li Linzhi
