Economy

North American stock markets plunge at start of trading, loonie falls

North American stock markets plunge at start of trading, loonie falls”

All sectors declined, with health care and energy especially weak.

Among real-estate interests, units of Dream Office REIT leaped $1.02, or 5%, to $21.25, while Canadian Apartment REIT hiked $2.11, or 4.5%, to $49.00.

American stock exchanges were hit even harder.

The energy sector led the Toronto market lower with a slide of nearly 10 per cent.

The major averages posted their worst day since March 16, when they all dropped more than 11%.

The Dow Jones Industrials plummeted 1,861.82 points, or 6.9%, to 25,128.17.

The S&P 500 shed 188.04 points, or 5.9%, to 3,002.10.

In point of fact, investors were not expecting any major policy changes, but the Fed's outlook on easing monetary policy further alongside a dovish tone had kept a lid on a Wall St. bull-run, though despite a projected USA economic contraction of 6.5 per cent this year alongside a 9.3 per cent unemployment rate by end-2020, Nasdaq managed to continue its bull market, while Tesla Inc.

More news: AstraZeneca agrees to make COVID-19 vaccine for Europe

US stocks opened noticeably higher on Friday as Wall Street was trying to rebound from prior session's steep sell-off. The Nasdaq increased 227.33 points, or 2.39 percent, to 9,720.06.

Stocks suffered their biggest one-day pullback in three months on Thursday as traders grew concerned about the number of coronavirus cases increasing in some states that are reopening up from lockdowns. Carnival Corp. and Norwegian Cruise Line shares fell at least 15.3% each.

Concerns about a second wave of coronavirus cases have risen as USA states push deeper into reopening.

Overall, more than two million coronavirus cases have been confirmed in the US along with over 100,000 deaths.

Energy shares rebound sharply on rising crude oil prices. Treasury prices and yields move in opposite directions.

The July crude contract fell eight cents to US$36.26 per barrel and the July natural gas contract was unchanged at US$1.74 per mmBTU.

Gold prices gained 40 cents to $1,740.20 U.S.an ounce.



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