Canada’s main stock index crossed into bear market territory in the wake of the World Health Organization declaring the COVID-19 outbreak a pandemic.
The S&P/TSX composite index closed down 688 points or 4.6% at 14,270.09.
A bear market is commonly defined as a loss of 20% from a recent high. The TSX ended the day down 20.6% off the high of 17,970.51 set on Feb. 20.
U.S. stock markets also moved into bear market territory with the Dow Jones industrial average losing 1,464.94 points or 5.9% at 23,553.22. That’s 20.3% off its last high, also in February. The S&P 500 index was down 140.85 points at 2,741.38, while the Nasdaq composite was down 392.20 points at 7,952.05.
The Canadian dollar traded for US72.75¢ compared with an average of US72.83¢ on Tuesday.
The April crude contract was down US$1.38 at US$32.98 per barrel and the April natural gas contract was down US5.8¢ at US$1.88 per mmBTU.
The April gold contract was down US$18 at US$1,642.30 an ounce and the May copper contract was down US1.95¢ at US$2.50 a pound.