February was the worst month for U.S. markets in two years, and snapped a 10-month winning streak that hadn’t been seen since 1959.
Global markets were down between five and eight per cent for the month.
The losses were widespread as the S & P 500 dropped 10 per cent in the middle of the month, but only ended February down 3.9 per cent – the Dow didn’t do any better, registering its first February decline in nine years.
Things were not much better in Canada, as the TSX gave up 3.6 per cent in February.
Does that herald more of the same in March? Not if previous stats are any indication, as market drops of more than two per cent in February are followed by positive months in March two thirds of the time.
One of the biggest losers for the month was the Canadian dollar, which dropped more than 3.5 U.S. cents.