Canadian Business Tribune

Canadian Stocks Reduce Some Of Its Last Week’s Losses

The Toronto stock index had suffered a huge setback last week as it dropped more than 8 percent. But, things have started on a positive note on Monday for the main stock of Canada. It has got a boost of 200 points and this erased some of its losses of last week.

The 8 percent drop last week was an all-time record. The top Wall Street indexes went into a correction mode for the first time in two years. The oil prices have somewhat stabilized at the start of this week and the result is there for everyone to see.

The commentators believe that the stock market shock that they saw last Friday was due to a combination of things. This included doubts about a possible U.S. inflation rise or increased interest rates. The gold stocks and the materials have shown a boost on Monday. This helped S&P/TSX composite index to move up by 1.38 percent or 207.35 points to reach 15,241.88.

Craig Fehr, a Canadian market strategist, felt that the growth will be an upswing considering the economic situation around the world. The boost that the stock market got today is a continuation of the rebound that it showed in the second half of Friday.