Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 4.Brendan McDermid/Reuters
Stocks across the world tumbled further on Friday, sending the Nasdaq into a bear market and the TSX into a correction, as the escalating global trade war had investors bracing for a major hit to economic growth and corporate profits in the days to come.
U.S. stocks have shed US$6.4 trillion in market value over the past two sessions, the most on record, according to Dow Jones Market Data. The largest two-day pullback had been US$4.4 trillion, set in March 2020.
Friday also marked the most number of shares traded in one day in American stock market history, with volume on U.S. exchanges of about 26.79 billion shares.
The TSX ended down more than 1,100 points, exceeding even the prior session’s hefty losses, as oil prices plunged nearly 8% to the lowest level since 2021.
The Canadian…
