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The Canadian Press

New Jersey Devils practice for the first time since Jan. 31

The New Jersey Devils are back at work after 19 players landed on the NHL’s COVID-19 list and forced the postponement of seven games since the end of January. The Devils, who play the Rangers on Tuesday, practiced Monday for the first time since beating the Sabres in Buffalo on Jan. 31. Over the next three days after that game, 11 players were added to the NHL’s list of players unavailable because of COVID-19, pushing the Devils’ total to 17. The list reached 19 on Feb. 9. “It’s kind of unfortunate and it’s kind of crazy how fast it spreads,” forward Miles Wood said Monday. “I think that’s the scariest part. You know, it took down a team within a matter of three days, so it’s very serious. ” Goaltender Mackenzie Blackwood was the first to test positive on Jan. 20. Veteran Travis Zajac, who is two games shy of his 1,000th regular-season game with New Jersey, was sidelined before the Jan. 29 game in Buffalo. Kyle Palmieri got his positive test on the morning of the 31st and then things mushroomed after the team arrived in Pittsburgh for a game on Feb. 2. The NHL shut down the Devils, forcing the team to send players home in two groups, those in the isolation group and those healthy. Wood didn’t test positive. He had COVID-19 before training camp opened this year, so a lot of players asked him what to expect. He said he had a head cold. However, he knew of others who had high fevers. Palmieri, who practiced Monday, said he felt nothing for couple of days after his positive result. Two or three days after the result, the symptoms developed and lasted until the end of the week. His sense of smell is just returning. Zajac, who went into the protocol a few days before Palmieri, remains in it. Blackwood said he had a bad cough and a hard time breathing. He is just rounding back into shape, and said he’s ready for the Rangers in New York if called upon since the team has been off for two weeks. He also said seeing the team come down with COVID-19 was “crazy.” “I didn’t expect that to happen, but my thoughts were just: ‘I hope this isn’t because of me,’” Blackwood said. Palmieri doesn’t believe the Devils did anything wrong to cause the spike. He said players have been wearing their masks, eating meals in their hotel rooms and holding each other accountable. “We’re spending an hour or two hours, however, over the course of a game next to each other on a bench breathing heavily and and I mean, playing hockey is a tough sport,” he said. “You’re coming back and you’re pretty gassed and you’re trying to catch your breath. So that’s a lot of close contact, heavy breathing. You read enough about this virus, that’s probably one of the worst things you can do is long extended times of heavy breathing among people without masks.” Palmieri admits there has been some anxiety the past two weeks. Players have been concerned about keeping their families healthy and possible long-term effects of having had COVID-19. “You think about every scenario going through your head and what could happen,” Palmieri said. “But hopefully, as we all start to come back, everyone returns to full health. And like I said, we get back to playing hockey and doing the thing we love.” Devils coach Lindy Ruff has told his team to treat the past two weeks like a reset. He felt the team was playing well before the break. He wants his players to focus on defence and taking short shifts on Tuesday. Special teams were covered on Monday along with getting the players to skate and improve their stamina. “I don’t think any coach has really dealt with anything like this and, you know, to have that number of players go out and now have to have a reset,” said Ruff, who has spent nearly two decades as an NHL head coach. “I think you can find lots of excuses, you know, that you could lose a game. I want to find reasons we can win.” Wood said playing the Rangers will help. It’s a rivalry game and he said there is no reason the Devils won’t be up for it. “We have a lot of young guys on the team and, to be honest, I don’t think it’s going to affect us that much,” Wood said. “I think the adrenaline will take over and we’ll be right back to game shape.” ___ More AP NHL: https://apnews.com/hub/NHL and https://twitter.com/AP_Sports Tom Canavan, The Associated Press

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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S&P/TSX composite up more than 150 points, U.S. stock markets also higher

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.

The S&P/TSX composite index was up 171.41 points at 23,298.39.

In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.

The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.

The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.

The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.

This report by The Canadian Press was first published Aug. 29, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Crypto Market Bloodbath Amid Broader Economic Concerns

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The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.

The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.

Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.

The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.

Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.

Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.

Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.

Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.

The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.

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