â–º Listen Live

â–º Listen Live

â–º Listen Live

HomeBusiness ReportAFTER THE BELL: Markets continue to plunge, rally among U.S. tech stocks...

AFTER THE BELL: Markets continue to plunge, rally among U.S. tech stocks short lived

It was red day across North America as the sell-off continued on both sides of the border.

After its worst day in three years on Wednesday, the TSX lost another 200 points today, pushed lower by drops in the energy, financials, and health care sectors.

Energy declined 3.3 percent as oil prices dipped. Oil slipped $2.28 to $70.89 US a barrel, after a report of a build in U.S. commercial crude inventories stifled demand.

Financials also fell with TD Bank, Manulife Financial, and Royal Bank of Canada trading lower.

And health care lost 2.2 percent with shares in cannabis producers Aurora Cannabis and Aphria Inc. losing value. Aurora and Aphria were the two most heavily traded companies on Bay Street on Thursday.

Aphria’s stocks dropped after U.S. tobacco giant Aphria said there is no agreement in place in acquiring a minority stake in Canada’s fourth-largest pot producer. This put a damper on reports on Wednesday of a possible deal between the two companies.

In New York, the Dow continued to stumble after Wednesday’s sell-off that saw the index lose 832 points.

And while U.S. inflation fears eased slightly with news it slowed in September, it wasn’t enough to keep the Dow from rising.

The index moved above level earlier in the day thanks to a short-lived rally in the tech sector, before plunging 545 points with losses in Boeing and Caterpillar.

The Nasdaq had gained as many as 21 points at midday with the influential FANG stocks initially showing some bite, but still ended 92 points lower.

It was a rollercoaster day for American tech companies with Apple, Microsoft and Alphabet finishing in the red.

The loonie strengthened against the greenback, moving up 23/100ths of a cent to $0.7675 while gold shot up $33.10 to $1,223 an ounce as investors scurried to the safety of the yellow metal.

- Advertisement -
- Advertisment -
- Advertisment -
- Advertisement -

Continue Reading

More