CLOSING BELL: Positive NAFTA news, lightening trade war worries boost markets
Canada’s main stock market rebounded today on the back of optimistic news on both the NAFTA and tariff fronts.
Reports say top ministers from Canada, Mexico and the United States are meeting in Washington, putting the eighth round of NAFTA negotiations on hold. The goal is to get a deal-in-principle hammered out that can be announced in Peru next week at the Summit of the Americas.
That, combined with word that the U.S. and China are willing to negotiate when it comes to tariffs, helped the TSX close the day at 15,356, 191 points higher, after three straight days of losses.
That news having the same effect on Wall Street, with retail, finance, and tech stocks seeing good gains. The Dow Jones kept up yesterday’s late rally, gaining 240 points to close at 24,505.
Meanwhile Tim Hortons’ reputation with Canadians is still taking hits. The coffee shop took a tumble in Leger’s annual study, falling from fourth last year all the way to 50th this year.
At press time oil is up 26 cents to $63.63 U.S. per barrel, gold is down $10.50 to $1,329.70 an ounce, and the loonie is up four fifths of a cent to 78.38 cents U.S.