Market week: Oil shock drops markets

Stocks decline on week, S&P 500 in correction

Spurred by concerns over oversupply, commodity traders sold crude oil in a big way this past week, as the price of WTI crude fell 11.2% on the week. That in turn contributed to selling pressure on North American stock markets, as market volatility was heightened by thinner trading volumes while traders took advantage of the market shutdown on the U.S. Thanksgiving holiday and half day on Friday. The S&P 500 Composite Index lost 3.8% on the week, and is now in correction, defined as at least a 10% drop from its recent high of 2,940. Similarly, the Nasdaq Composite Index continues in correction, losing 4.3% on the week, as the large-cap technology issues continued to slide. Toronto’s S&P/TSX Composite Index posted a 1.0% loss on the week, also bowing to selling pressure in the energy sector.

Index	Nov. 23, 2018, close	Day	Week	Year to Date
S&P/TSX Composite	15,010.73	-0.5%	-0.96%	-7.39%
S&P 500 Composite	2,632.56	-0.7%	-3.79%	-1.54%
Nasdaq Composite	6,938.98	-0.5%	-4.26%	0.52%
Gold (US$)	$1,223.40	-0.4%	0.14%	-6.56%
Oil (WTI) (US$)	$50.39	-0.8%	-11.27%	-16.60%

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Disclaimer

The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.