Fund Library News Wire
| Friday, December 21, 2018
By Mike Keerma
The bears were out in the markets this past week. Unfortunately, they
weren’t the cuddly Christmas kind. The major stock market indices posted
steep weekly losses, as stocks sold off on heavy volume, exacerbated by the
simultaneous expiration of stock futures and options on Friday, referred to
as a “quadruple witching hour.” Traders were also beset by fears that the
U.S. Senate would not rubber-stamp a funding package approved by Congress,
which could set the stage for a partial government shutdown. Rising
interest rates (the U.S. Federal Reserve raised its policy rate by 25 basis
points last week, to a range between 2.25% and 2.5%) and signs of slowing
global growth added to the Scrooge-like sentiment. That drove the
Nasdaq Composite Index
to an 8.3% loss on the week, and pushed it into bear market territory, down
21.9% from its high on Aug. 31. The
S&P 500 Composite
fell 7.0% on the week, while Toronto’s
S&P/TSX Composite Index
retreated 4.5%, cushioned somewhat by a 3.6% gain in the price of
on the week.
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Market Activity page
regularly for active updates on key market indexes and commodities.
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