TSX ends down 279 points as panic selling grips markets – CTV News + MORE Jan 7th

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TSX enters bear territory as panic grips markets worldwide
TORONTO — Panic selling in Asia prompted by developments in China spread across the globe and threw the Toronto stock market into a tailspin Thursday, capping off seven consecutive days of losses and thrusting the index into bear market territory.
The S&P/TSX composite index ended the day off roughly 20 per cent from its all-time high in September 2014 _ a loss considered by many as a bear market.
The index lost 278.59 points, or 2.2 per cent, to close at 12,448.21, as commodity prices, including oil, continued to fall amid perceived weakness in the Chinese economy.
Oil plunged to around levels not seen since 2008, with the February contract for benchmark crude oil losing 70 cents to close at US$33.27 a barrel. That pulled down energy stocks on the TSX by more than four per cent.
In New York, the Dow Jones plummeted 392.41 points to 16,514.10, the S&P 500 lost 47.17 points to 1,943.09, while the Nasdaq declined 146.33 points to 4,689.43.
Andrew Pyle, senior adviser and portfolio manager at Scotia Wealth Management, said it is the worst start to a new trading year for North American markets “in memory…

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Most major indexes have something called “circuit breakers,” a mechanism that temporarily shuts down trading when markets become too volatile, allowing traders and investors a “cooling off period” to make the right decisions.

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Vancouver SunChina's market turmoil likely to have impact on BC real estate, say economistsVancouver SunThe stock market upheaval in China this week could convince Chinese investors to move their money into assets not linked to the renminbi currency, including B.C. real estate, in even greater volumes, according to a Canadian economist. But Scotiabank …China's stock market chaos could have big implications on Metro Vancouver real …News1130all 3 news articles »

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Learn, save, invest and prosper with My Own Advisor.
Welcome to my first Weekend Reading edition for 2016.  How was your New Year?  What resolutions did you make?  Did you make any?  Any big plans for the new year?  Family plans?  Travel plans?  Other plans?  Send me a comment or tweet and let me know.  We’ve got some plans for 2016 and those include a few financial goals as well so if you missed them – check them out.
Enjoy this edition and see you here next week when I’ll share my dividend income update for 2015, and what I will be investing in, in 2016.
Our Bank of Canada Governor said to get used to a weaker Canadian dollar and more inflation.
Dividend Earner shared some dividend income for December 2015.
Michael James on Money shared some questions from financial hell.
Roadmap2Retire shared some investment picks for 2016.
Here are Dividend Growth Investor’s holdings for the long haul.
Not sure what to invest in for 2016?  Check out this post about ETFs and stocks built to last…

Continue Reading On myownadvisor.ca »

CTV NewsTSX ends down 279 points as panic selling grips marketsCTV NewsTORONTO — Panic selling in Asia prompted by developments in China spread across the globe and threw the Toronto stock market into a tailspin Thursday, capping off seven consecutive days of losses and thrusting the index into bear market territory.Canadian markets sink into bear territory amid turmoil in ChinaThe Globe and MailChaos in Chinese stock market sends economic waves around the worldWashington PostToronto market enters bear territoryHamilton SpectatorSydney Morning Herald -New York Times -Xinhuaall 4,294 news articles »

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