Canadian stocks clawed their way into the green, snapping a six-day losing streak as expectations mounted central banks would cut interest rates to flight the growing impact of the coronavirus.
The S&P 500 pushed to session highs after news that Group of Seven finance ministers and bankers plan to hold a teleconference Tuesday to discuss how to respond to the outbreak. Tech shares led gains after central banks from Japan to England earlier joined the Federal Reserve in promising action as warranted.
You can't turn off the second largest economy in the world, the fastest growing one, and not have some ramification “You can’t turn off the second largest economy in the world, the fastest growing one, and not have some ramification,” John Zechner, president of J. Zechner Associates in Toronto. Positioning in the market was very bullish, so when the virus began to spread and earnings warnings came, the market started to experience some impact, he said.
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Market mood turns sour over virus after temporary reliefMounting concerns about the economic impact of the new coronavirus outbreak saw gains in European stock markets wiped out Monday despite hopes of stimulus measures from major central banks. fuuuuuuuuuuuuuuuuuuuck. I’m not even looking at my investments..........until this blows past us and is in recovery mode! The stock market has a life of its own, it is based on fear and greed. Such is the fragile nature of the economic system. Yeshua prophesied this.
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