Canadian stocks suffered one of their worst days in decades on Thursday, plunging by more than 12 per cent amid a steady stream of negative headlines connected to the new coronavirus.
The S&P/TSX Composite Index fell by 12.34 per cent, or more than 1,760 points, as the chief benchmark for Canadian stocks finished at an approximately four-year low of 12,508.45.
It was one of the steepest falls on record for the S&P/TSX index. The benchmark’s one-day drop was bigger than any it experienced during the global financial crisis a decade ago, and greater than the 11-plus per cent it tumbled during the Black Monday stock-market crash of Oct. 19, 1987. According to data compiled by Bloomberg, it was the biggest one-day decline since May 1940.
Thursday’s wipeout also came just two days after Monday’s almost 10.3 per cent loss for the S&P/TSX, which had at that point been the index’s