North American markets were pummelled on Friday as the TSX entered correction territory and oil prices plunged by more than 10 per cent amid a painful selloff that continues to be spurred on by the coronavirus outbreak.
The Canadian benchmark index closed down 379 points and has shed more than 9.9 per cent in the 11 trading days since it reached a record high of 17,970 points on Feb. 20. The U.S. Dow Jones Industrial Average and S&P 500 indices fared slightly better after a late rally halved their losses. Still, they closed down 0.9 per cent and 1.7 per cent, respectively.
Sightline Wealth Management senior vice-president Paul de Sousa described the selloff as unsettling, but also one that isn’t particularly surprising.
“I think the markets were overvalued and they were almost looking for a reason to sell off,” de Sousa said. “It’s human nature to try to squeeze every