Another blood bath on the markets today with big losses in Toronto and New York as this rough week continued.
The Dow Jones lost 1,032 points to close the day at 23,860; its second thousand point loss of the week.
Higher inflation and rising bond yields are keeping investors wary and it’s not clear yet if this week’s losses are the start of a bear market or just a hiccup and a correction after nearly a decade of positive growth.
The TSX was weighed down by the energy and financial sectors, closing down 265 points to 16,065
Oil brushed six week lows thanks to reports of record high U.S. crude production and the reopening of the North Sea’s biggest pipeline. It’s sitting at $60.33 U.S. per barrel, down $1.46.
Calls for more regulations on the tech sector from the Bank of Canada as it warns that only a handful of tech companies are reaping the rewards of innovation. The industry’s five biggest companies control $3.5 trillion US worth of the market alone.
Gold is up, $5.70 to $1320 U.S. an ounce and the loonie is down a quarter of a per cent to 79.34 cents U.S.