Market Update

December 5, 2021

Latest market wrap
The close: TSX posts biggest weekly drop since January on Omicron uncertainty

Christopher Katsarov/The Globe and Mail

The close: TSX posts biggest weekly drop since January on Omicron uncertainty
Canada’s main stock index fell on Friday as concern that the Omicron coronavirus variant will clip global economic activity eclipsed encouraging domestic jobs data, with the index adding to this week’s decline.
Wall Street’s major indexes also closed lower on Friday, with the Nasdaq leading the declines, as investors bet that a strong U.S. jobs report would not slow the Federal Reserve’s easing of support all while they grappled with uncertainty around the Omicron coronavirus variant.
Investors sought safety in bonds, pressuring bond yields lower. U.S. Treasury yields tumbled in choppy trading, with the 10-year yield dropping below 1.4% for the first time since September as a risk-off sentiment took hold in markets
The Toronto Stock Exchange’s S&P/TSX composite index ended down 128.76 points, or 0.6%, at 20,633.27. For the week, the index was down 2.3%, its third straight decline and its biggest since January.
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