CLOSING BELL: Loonie rides positive NAFTA news, tech stocks recover to push Wall Street higher
Wall Street saw a bounce back today as tech stocks rallied late, but it was a different story on Bay Street.
In Toronto Canada’s main stock market was held down by slipping gold prices, the financial sector, and medical marijuana. The TSX lost 32 points, closing at 15,180.
In New York investors seem to be going back and forth with their concerns over the possibility of a trade war between the United States and China, as the country’s hit each other with tariffs and threats of more tariffs. The Dow Jones finished at 24,033, up 389 points.
Technology saw some recovery after taking a bath yesterday with streaming service Spotify now public, posting an all-time high direct listing today of close to $30 billion. Amazon was up close to 1.5 per cent even as it continues to draw the ire of U.S. President Donald Trump, who’s threatened to raise USPS rates for the company.
Bloomberg is reporting the Trump administration is pushing for a NAFTA deal to get done before next week so it can be announced at a summit in Peru.
At press time that’s helped push the loonie nearly a full cent higher to 78.06 cents U.S., while oil is up 52 cents to $63.53 U.S per barrel, and gold is down $11.10 to $1335.80 an ounce.