Stocks endured an up-and-down Tuesday, settling in negative territory, amid word central banks might be called on to stimulate the economies in the States and here.
The TSX Composite Index ended in minus country by 129.64 points to conclude Tuesday at 16,423.62
The Canadian dollar dipped 0.23 cents to 74.81 cents U.S.
Energy stocks weakened, primarily Enerflex, slumping 66 cents, or 8.3%, to $7.26, while Shawcor fell 51 cents, or 6.1%, to $7.84.
Health-care stocks faded, as Canopy Growth slumbered $1.56, or 6.3%, to $23.23, while Cronos Group slipped 94 cents, or 11.8%, to $7.05.
Consumer discretionary stocks also faded, with BRP shedding $3.25, or 5.7%, to $54.11, while Aritzia dropped $1.04, or 4.6%, to $21.52.
Gold and materials did their best to pick up the slack, as OceanaGold clicked 25 cents higher, or 12.2%, to $2.30, while Kirkland Lake Gold jumped $3.02, or 7%, to $46.08.
Franco-Nevada popped $6.28, or 4.3%, to $152.81, while MAG Silver heightened 59 cents, or 4.8%, to $12.86.
Among consumer staples, Empire Company climbed 99 cents, or 3.3%, to $31.14, and Metro improved $1.41, or 2.7%, to $54.34.
ON BAYSTREET
The TSX Venture Exchange came off its highs of the day, but still ended positive 3.89 points to 517.17.
Seven of the 12 TSX subgroups had lost ground by the end of the session, with energy fading 2.9%, consumer discretionary stocks, down 2.6%, and health-care, sinking 2.4%.
The five gainers were led by gold, towering 4.7%, materials, up 2.7%, and consumer staples, ahead 1.6%.
ON WALLSTREET
Stocks fell sharply in volatile trading on Tuesday as an emergency rate cut by the Federal Reserve failed to assuage concerns of slower economic growth due to the coronavirus outbreak.
The Dow Jones Industrials collapsed 785.91 points, or 2.9% to finish the session at 25,917.41. The 30-stock average gyrated between sharp gains and solid losses after the decision was announced.
The broader S&P 500 dropped 86.86 points, or 2.8%, to 3,003.37
The tech-heavy NASDAQ let go of 268.08 points, or 3%, to 8,684.09.
Bank of America dropped more than 5.5% while JPMorgan Chase and Citigroup slid 3.8% each.
The decision came two weeks before the Fed’s scheduled meeting as the central bank felt it was necessary to act quickly to combat the effect of the virus spreading worldwide. It’s the first such emergency action coming in between scheduled meetings since the financial crisis.
Investors have been fretting over a potential economic slowdown as the coronavirus spreads around the world. More than 89,000 coronavirus cases have been confirmed globally along with more than 3,000 deaths related to the virus.
Prices for the 10-Year U.S. Treasury gained sharply, dropping yields to 1.01% from Monday’s 1.15%. Treasury prices and yields move in opposite directions.
Oil prices gained 60 cents to $47.35 U.S. a barrel.
Gold prices $42.20 to $1,637.00 U.S. an ounce.
