iA Wealth Monthly Market Snapshot, March 2020
The final week of February saw global equity markets experience a thrashing not seen since the financial crisis of 2008. Fears over COVID-19, a form of coronavirus, reached a fever pitch as panic overtook financial markets. Since the first indications of the virus were detected in central China in December, over 60 countries have reported cases of the illness, with the World Health Organization declaring the outbreak a public health emergency of international concern. After reaching record highs the week prior, the S&P/TSX Composite Index and the S&P 500 Index plunged 8.9% and 11.5%, respectively, in local currency terms, during February’s final week.