S&P/TSX composite drops nearly 500 points, U.S. markets fall as oil prices rise [Advisor.ca (Canada)]
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Source: Advisor.ca
Stock markets in Canada and the U.S. fell on Thursday, while oil prices rose, amid uncertainty as to when the U.S.-Iran war may end. Michael Currie, senior investment advisor at TD Wealth, said oil prices have been dictating much of the recent swings in the market adding that prices for the key commodity have been moving in a tight range. “Oil goes up, you see bonds, you see stocks, you see everything go down. The opposite happens the next day (when) it goes in reverse,” he said. Despite recent volatility, Currie said the stock market typically dips about 5% every three to four months, “so the actual amount of the drop year to date historically isn't much.” The S&P/TSX composite index was down 495.08 points at 31,887.52. In New York, the Dow Jones industrial average was down 469.38 points at 45,960.11. The S&P 500 index was down 114.74 points at 6,477.16, while the Nasdaq composite was down 521.75 points at 21,408.08. Earlier in the week, U.S. President Donald Trump annou
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