Investors panic as TSX falls 373 points

Toronto, October 2 (CINEWS) :¬†Investors are panicking and as Canada’s benchmark stock index lost almost 2.8 per cent thanks to commodities like oil, gold and copper are selling off. By the end of Monday, the S&P/TSX Composite Index lost 373 points to close at 13,004 making it the lowest level for Canada’s benchmark stock index since October 2013.fbde4b90-939b-0132-0b4b-34b52f6f1279
The TSX is now down by almost six per cent since the start of September and is on course to the worst month for the index since 2012.
Almost all of the sub-sectors were lower. Commodities were especially hard hit as the December gold contract fell $13.40 to $1,132.20 US an ounce and the November crude oil contract was down $1.23 at $44.47 US a barrel.
The gloom in commodities was largely tied to more news out of China about that country’s slowing economy.
Meanwhile the Canadian dollar lost almost half a cent amid the gloom, to close at 74.66 cents US.
But eventually, higher rates and correcting markets that factor in near-term risks will return since they are part of a healthy functioning market environment. So it might actually be a good time to buy stocks at great prices and hold on to them for a long time.

Related Posts

Leave a Reply