Equities in Toronto fell on Wednesday as concerns over the coronavirus pandemic continued to prompt selling in equities, while weakness in oil prices added to the pressure.
The TSX Composite Index had lurched lower 713.54 points, or 5.6%, to Wednesday at 11,971.67
The Canadian dollar fell 1.33 cents at 68.88 cents U.S.
Exchange Income fell $7.90, or 35.8%, the most on the TSX, to $14.81, after it withdrew its guidance for 2020. The second biggest decliner was Aritzia Inc, down $2.29, or 19.1%, to $9.70.
MAG Silver, was one of the few gainers, picking up 64 cents, or 6%, to $11.23.
Tourmaline Oil shed its gains and found itself behind by 19 cents, or 2.3%, to $8.01.
On the economic beat, the Consumer Price Index rose 2.2% on a year-over-year basis in February, down from a 2.4% increase in January. On a seasonally-adjusted monthly basis, the CPI was up 0.1% in February, matching the increase in January.
ON BAYSTREET
The TSX Venture Exchange deducted 21.8 points, or 5.8%, to 355.51.
All 12 TSX subgroups were in the red midday, with real-estate toppling 13%, energy slumping 10.8%, consumer discretionary issues slouching 8.6%.
ON WALLSTREET
Stocks tumbled on Wednesday as the markets remained highly volatile with the government response to the coronavirus fallout still unfolding. A violent reversal in Treasury yields in response to a potential $1-trillion stimulus package helped to unnerve investors.
The Dow Jones Industrials dropped 1,442.48 points, or 6.8 %, midday Wednesday to 19,794.90.
The broader S&P 500 faltered 153.66 points, or 6.1%, to 2,375.59.
The NASDAQ sank 349.27 points, or 4.8%, to 6,985.52.
Boeing shares fell more than 18% to lead the Dow lower. United Technologies and American Express also dropped more than 15%. Energy was the worst-performing sector in the S&P 500, tumbling 11.3% as U.S. crude prices fell to their lowest levels in 18 years. West Texas Intermediate futures dropped 16.3% to $22.50 per barrel.
Wall Street has been on an unprecedented roller-coaster ride amid the coronavirus turmoil, with the S&P 500 swinging 4% or more in either direction for seven consecutive sessions through Tuesday’s close.
This tops the previous record of six days from November 1929. Stocks continued their volatile streak on Wednesday, with another drop of more than 4%. The S&P 500 is 29.5% off its record high through Wednesday.
On Tuesday, the White House was said to be weighing a fiscal package of more than $1 trillion that includes direct payments to Americans and financial relief to small businesses and the airline industry.
Treasury Secretary Steven Mnuchin also said separately at a press conference that corporations will be able to defer tax payments of up to $10 million while individuals could defer up to $1 million in payments to the Internal Revenue Service
Prices for the 10-Year U.S. Treasury sagged, raising yields to 1.11% from Tuesday’s 1.08%. Treasury prices and yields move in opposite directions.
Oil prices dipped $4.18 to $22.77 U.S. a barrel.
Gold prices slid $32.20 to $1,493.60 U.S. an ounce.
