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Stocks Go Sharply Down
Canada's main stock index fell on Wednesday, weighed down by the energy sector and U.S. Federal Reserve Chairman Jerome Powell's warning of a prolonged economic downturn due to the coronavirus outbreak.
The S&P/TSX Composite Index achieved noon Wednesday down 342.38 points, or 2.3% at 14,538.78.
The Canadian dollar dipped 0.13 cents to 70.96 cents U.S.
The largest percentage gainer on the TSX was mining company SEMAFO which jumped 5.5%, followed by Endeavour Mining which rose 5.1%. They gained after reporting quarterly results.
Intertape Polymer Group fell 14.7%, the most on the TSX, after the company forecast second-quarter revenue below analysts' estimates.
The second-biggest decliner was Air Canada down 6.0%, on reports of Canada and the United States likely to extend a ban on non-essential until June 21 amid the ongoing novel coronavirus pandemic.
ON BAYSTREET
The TSX Venture Exchange inched up 0.36 points to 501.07
All 12 TSX were lower midday, as health-care shed 6.5%, energy lost 5.8%, and consumer discretionary fell 4.6%.
ON WALLSTREET
Stocks fell on Wednesday as investors grappled with downbeat remarks from the top-ranking Federal Reserve official amid jitters about reopening the economy along with worries over the market’s valuation.
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The Dow Jones Industrials fell another 503.84 points, on top of Tuesday’s 450-point-plus decline, to 23,260.90.
The S&P 500 fell 55.07 points, or 1.9%, to 2,815.05.
The tech-heavy index NASDAQ slumped 172.46 points, or 1.9%, to 8,830.09
Raytheon Technologies and American Express were the worst-performing stocks in the Dow, falling at least 5% each. Energy and financials led the S&P 500 lower by falling 4.6% and 2.6%, respectively. Cruise line stocks Carnival, Royal Caribbean and Norwegian Cruise Line all fell at least 7%. Those stocks are among those that would benefit from the economy reopening.
“While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks,” Fed Chairman Jerome Powell said in prepared remarks for a webcast event with the Peterson Institute for International Economics, noting that more needs to be done to sustain the economy.
Prices for the 10-Year Treasury were higher, lowering yields to 0.64% from Tuesday’s 0.66%. Treasury prices and yields move in opposite directions.
Oil prices regained 36 cents to $25.42 U.S. a barrel.
Gold prices jumped $6.80 to $1,713.60 U.S. an ounce.
