CLOSING BELL: Markets close shortened week with a flourish, Canadian economy disappoints
Toronto and New York closed this shortened trading week with a bang today.
On Bay Street Canada’s main stock market saw big gains with energy and materials leading the way. The TSX was up 197 points to close the day at 15,367.
This comes in the face of news that Canada’s economy put in a disappointing performance in January.
The GDP fell 0.1 per cent despite expert predictions there would be growth. The decline was led by issues in real estate and with the oil sands. It puts the country on pace for three consecutive quarters of less than two per cent growth.
On Wall Street technology stocks rebounded after a steep selloff spearheaded by the Facebook/Cambridge Analytica data breach scandal. The Dow Jones closed the day at 24,103, up 254 points.
President Donald Trump took shots at Amazon today, tweeting out that the company pays little to no tax and is putting thousands of retailers out of work. This comes after reports that the president is looking at slapping the company with an antitrust suit.
At press time oil is down 55 cents to $64.93 U.S. per barrel, gold is down 60 cents to $1326.40 an ounce, and the loonie is up close to a quarter of a cent to 77.59 cents U.S.