Daily Archive: March 7, 2020

‘There isn’t anything in the equity market immune to the selloff’: Markets hit again by COVID-19

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

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Mexico reports its sixth case of coronavirus By Reuters

Mexico reports its sixth case of coronavirus

MEXICO CITY (Reuters) – Mexican authorities on Friday said they have identified a sixth person infected with coronavirus, a 71 year-old man in the State of Mexico who recently traveled to northern Italy.

Deputy Health Minister Hugo Lopez-Gatell said the man, who suffers from hypertension, arrived in Mexico in “grave condition” and is currently hospitalized in stable condition.

Lopez-Gatell said two of the man’s family members have been tested to check for the infection, with the results still awaited.

Globally the outbreak has led to over 100,000 cases of the fast-spreading illness and killed more than 3,400 people across over 90 nations, leading to massive worldwide economic disruption.

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Global selloff continues as coronavirus batters markets

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Good evening, Bull Sheeters. This is Fortune finance reporter Rey Mashayekhi, filling in one final time this week for Bernhard Warner.

Investors will be happy to see the end of the week, as the major exchanges took a pounding on Friday thanks to a coronavirus outbreak that has officially reached the ominous milestone of 100,000 infections around the world.

Markets update

In Asia—where markets mostly outperformed those in Europe and North America this week—things took a turn for the worse today. Tokyo’s NikkeiRead More