Equities are ignoring coronavirus impacts, moving higher

By MoneyWay | Feb 12, 2020

Stocks rose on Wednesday as investors tried to shake off concerns over how the coronavirus would impact corporate profits and the global economy. China’s health authority reported 97 new deaths caused by the coronavirus and 2,015 newly confirmed cases of infection, taking its totals to 1,113 and 44,653 respectively. As of Tuesday, 744 recovered patients had been discharged and the total number of recovery cases stood at 4,740. Outside Hubei province, the epicentre of the coronavirus, the rise in new infections reported by China slowed for an eighth consecutive day. Meanwhile, the U.S. Centres for Disease Control and Prevention said today that it is preparing for the coronavirus to “take a foothold in the U.S.”.The CDC is talking regularly with manufacturers of medical supplies, such as masks and gloves, to ensure enough are available in case of an outbreak.

The Canadian dollar has responded positively to the USD as oil prices have jumped in tandem with equites. West Texas Intermediate in currently over $51 USD a barrel, up 2.75%. The CAD should remain range bound the rest of the day.

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