main stock index rallied to end the trading week but still posted its largest two-day decline in nearly three months led by a continuing selloff of the technology sector.The correction took place as investors crystalized some profits from the overvalued Canadian sector that is up 81.25 per cent on a 200-day moving average.The tech-heavy Nasdaq composite has soared as much as 75.7 per cent from the March low and even after this week’s 3.3 per cent pullback remains up 26 per cent year-to-date.
Canada adds 246K new jobs in August, unemployment rate falls amid coronavirus The pullback is a healthy correction because stock prices have run up higher than they were in February before the pandemic and don’t reflect the state of the economy, says.