"Pretty much right when that got announced, the market started taking a bit of a downturn, which that obviously leads people to believe that if they're shutting down, there might be more coming," said
"And that's obviously quite bad for economic activity."
The S&P/TSX composite index closed down 58.24 points to 16,889.82 after reaching an intraday high of 16,990.57.
In
Markets got an early lift from
"The whole market is trying to balance between the vaccine news, which has been great from either
Equity markets have been on a tear in November despite Wednesday's blip, with the TSX up 8.4 per cent.
It's a traditionally strong time of the year heading into the Christmas season.
"When it's a really, really powerful uptrend we're in, we're gonna need to see a sizable dip to break us out of that," he said.
The Canadian dollar traded for
It got a lift from continuing weakness in the
Canada’s annual inflation rate jumped last month by 0.7 per cent compared with one year ago, the fastest the consumer price index has risen in months, largely on the back of higher food prices.
October's increase compared with a year-over-year rise of 0.5 per cent in September.
Materials led the TSX lower, falling 2.7 per cent on a further weakness in gold prices.
The December gold contract was down
Consumer staples dropped 1.8 per cent with shares of
Industrials were slightly lower even though
However, federal Transport Minister
Financials led the TSX as with
Energy also rose as crude oil prices continued to climb, reaching an 11-week high.
"It's just a continuation of the uptrend and there's not enough bad news from the COVID side to suppress it any further," said Currie.
The January crude contract was up
The sector was helped by a smaller-than-expected increase in
This report by
Companies in this story: (TSX:LB, TSX:TD, TSX:NA, TSX:SIL, TSX:AC, TSX:MRU, TSX:GSPTSE, TSX:CADUSD=X)
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