Friday could be a somewhat more positive day on the markets after the G20 nations issued a statement Thursday evening vowing to work together to boost the struggling global economy.

A blizzard of dire economic warnings caused both the TSX and Dow Jones to each tumble nearly 400 points Thursday.

The losses wiped out billions of dollars in the value of Canadians’ investments in everything from mutual funds to stocks in pension plans.

The U.S. federal reserve warned on Wednesday there are “significant downside risks to the economic outlook.”

The head of the International Monetary Fund said Thursday that the global economy faces serious risks unless debt problems are curbed in the U.S. and Europe.