Following a major sell-off in the Shanghai stock market yesterday, other markets around the world fell dramatically, including the Toronto Stock Exchange. It looks like today is more of the same, as the index is already down 61.85 points, or 0.49%. However, given today’s partial recovery of the Dow after its 400+ point fall yesterday, it is possible the S&P/TSX could bounce back by closing time.
Yesterday the TSX fell 370 points, or 2.72%, its largest decline in six years. Analysts around the world are calling this a correction to a bull market that has been going on for a while. Energy sector stocks led the fall, but no sector was safe.
The TSX is a major part of why Toronto is the “economic engine” of Canada, and thus a major reason why we feel we are entitled to One Cent Now.
TSX photo by jennyleesilver on Flickr. Real time quote courtesy TSX.