A day after one of their worst days in history, North American stock markets bounced back up on Tuesday as bargain hunters did a little cautious buying on the Toronto Stock Exchange and the New York Stock Exchange.
A day after one of their worst days in history, North American stock markets bounced back on Tuesday as bargain hunters did a little cautious buying on the Toronto Stock Exchange and the New York Stock Exchange.
The TSX closed up 324 points, or almost three per cent, while the Dow Jones industrial average fared even better, up by 1,048 points, or five per cent. Both jumped out to big gains in the morning, before giving up most of them — and then seesawing up again.
That was a marked departure from Monday, when the TSX plunged 10 per cent and the Dow lost almost 13 per cent as investors woke up to the reality that the coronavirus has the potential to wallop the North American economy.
“Surprise, surprise, there was bottom fishing. Investors went bargain hunting,” said Francis Lun, a stock analyst in Hong Kong.
The cautious buying on Tuesday stemmed from hopes that governments at various levels are standing ready to do whatever it ta