CLOSING BELL: Wall Street surges, Bay Street makes up ground in late day rallies
Investors can’t seem to make up their minds as the spectre of a trade war looms. The markets in Toronto and New York both stumbled out of the gate this morning, and both put together late rallies, but only one ended the day up.
On Bay Street, Canada’s main stock market touched a close to two-month low today, dragged down by financials and energy, as well as the tit for tat on tariffs between the United States and Canada. The TSX pushed hard but couldn’t make up the ground it lost earlier, finishing the day at 15,164, down 16 points.
In response to China’s announced plan to slap 25 per cent retaliatory tariffs on $50 billion of U.S. products, Wall Street started the day lower but a flurry of late trading led to a positive session. The Dow Jones closed up 230 points to 24,264.
All this as U.S. President Donald Trump takes to Twitter to say China and the United States are not in a trade war, and Larry Kudlow, the White House’s top economic adviser, tells reporters the tactics are just a trade negotiation.
At press time oil is even at $63.51 U.S. per barrel after being down most of the day, gold is up 30 cents to $1337.60 an ounce, and the loonie is up a quarter of a cent to 78.27 cents U.S.