Weekly market wrap Feb. 9, 2018: Markets post steep losses for the week
2/18/2019 5:56:09 PM
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By Fund Library News Wire  | Friday, February 09, 2018


By Mike Keerma

North America’s major stock market indices rallied somewhat on Friday, but it wasn’t enough to stanch a week of frenzied selling during the week that brought the gauges to losses near or exceeding 10% from recent highs – the commonly accept loss threshold that marks a correction. Climbing bond yields in anticipation of rising inflation and further central bank tightening precipitated the selloff as the stock indices erased any gains made in the year to date. Toronto’s S&P/TSX Composite Index dropped 3.7% on the week in a broad retreat across all sectors. The major U.S. indices fell even more sharply on the week, as the S&P 500 Composite Index and the Nasdaq Composite Index both fell 5%. Commodities also retreated as gold posted a 1.3% weekly decline, while crude oil plunged 9% on the week. Meanwhile, the CBOE Volatility Index (VIX) – the so-called “fear gauge” – spiked to a high of 46 on Tuesday, but retreated somewhat through the remainder of the week and closed Friday at a still-high, but a less intense, 29.06.

Check Fund Library’s Market Activity page regularly for active updates on key market indexes and commodities.

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