New COVID Strain Works into Investors Fears

It was a day equity traders would like to forget, as they felt around for the bruises Friday.

Stocks in Canada’s largest centre plunged, in the worst session for the index in 10 months, as a new strain of COVID-19 made itself felt in South Africa and in Hong Kong.

The S&P/TSX Composite retreated 487.28 points, or 2.3%, to close the day at 21,125.90. The loss on the week was 429 points, or 1.99%.

The Canadian dollar was pounded 0.77 cents at 78.19 cents U.S.

The energy sector staggered backward, and rudely snapped a four-day rally on worries that the variant, which scientists considered the most significant found to date, could restrict travel and dampen economic growth.

MEG Energy descended $1.45, or 9.5%, to $10.83, while Crescent Point Energy dropped 53 cents, or 8.6%, to $5.64.

Health-care stocks were roughed up as well, with Bausch Health Companies sinking $1.48, or … Read more

Retailers putting up prices at fastest pace since 1990 as consumers splash out early for Christmas

Retailers are putting up prices at the fastest rate since 1990 according to industry figures that add to evidence of a cost of living squeeze this winter.

A CBI survey also suggested that sales have been boosted by consumers starting their Christmas shopping early because of fears over supply disruption.

Clothing and department stores saw “big upward swings” in November, the report found.

The figures, while providing cheer for high streets, also represent the latest sign of households facing bigger spending outlays after surging energy bills and fuel costs drove inflation to its highest level in a decade last month.

In the three months to November, the balance of retailers reporting higher selling prices stood at +77%, according to the CBI.

Prices are expected to rise at a broadly similar pace next month, the survey added.

Retailers appear to be passing on growing cost pressures as they grapple with economy-wide … Read more

Millennials Are Screwed

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Dow Suffers Worst Day all Year on Fears of new COVID Surge

U.S. stocks dropped sharply on Friday as a new COVID variant found in South Africa triggered a global shift away from risk assets.

The Dow Jones Industrials cratered 905.04 points, or 2.5%, to conclude the post-Thanksgiving session at 34,899.34. U.S. markets were closed Thursday on Thanksgiving Day, and shut down early (around 1 p.m. EST) Friday.

The loss on the week for the blue-chip index was 702 points, or 1.97%.

The S&P 500 index demurred 106.34 points, or 2.3%, to 4,594.62, for a downturn over the last four trading days of 103 points, or 2.2%.

The NASDAQ tumbled 353.57 points, or 2.2%, to 15,481.66, for a loss on the week of 576 points, or 3.59%.

Travel-related stocks were hit hardest with Carnival Corp. and Royal Caribbean down 11% and 13.2%, respectively. United Airlines dropped more than 9%, while American Airlines dropped 8.8%. Boeing lost more than 5% and Marriott International … Read more