CLOSING BELL: Gold, technology and energy weigh as fears of global trade war spark back up
Volatility was the name of the game in Toronto and New York today.
Fears of a global trade war have been stoked again with reports that China is planning on soon announcing a list of retaliatory tariffs against the United States for its planned $60 billion tariffs on Chinese goods.
Gold, technology and energy helped the TSX touch new six week-lows but some gains by retailers helped keep things from being worse. Canada’s main stock market closed the day at 15,169, a loss of 46 points.
On Wall Street the Dow Jones was back and forth bouncing between up and down all day. The technology sector weighed with steep losses by Amazon after reports U.S. President Donald Trump wants to go after the company with an antitrust suit. The Dow Jones lost nine points to close at 23,848.
Tesla’s shares took a big hit today as well following a fatal crash in California involving one of the company’s Model X cars. It’s not clear at this point if the car’s autopilot system was being used at the time of the crash.
At press time oil is down 63 cents to $64.62 U.S. per barrel, gold is down $17.60 to $1330.30 an ounce, and the loonie is down a quarter of a cent to 77.37 cents U.S.