Posthaste: Millions of Canadians are losing confidence in the stock market and plan to cash out

Financial Post Top Stories

But if U.S. stocks had it bad, the S&P/TSX composite had it worse. Canada’s main stock index posted its biggest drop in more than three months Friday as oil prices fell. For the week, the index lost 4.7 per cent and has fallen about 16 per cent from its record closing high in March.“These are uncharted waters,” Sam Stovall, chief investment strategist at CFRA Research, told Reuters. “The market right now is going through a crisis of confidence.

Almost half of those polled about their investment plans, 41 per cent, are sticking with the market, planning to buy and hold for the long term. But 74 per cent are not convinced that they will make a profit on their investments this year.Article content Pessimism is far from just a Canadian phenomenon. According to the strategists at BofA Global Research, investor sentiment is “unquestionably” the worst since the global financial crisis, with its bull and bear indicator returning to its maximum level of bearishness.

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