Canada, U.S. markets close higher, capping ‘topsy-turvy’ tariff week

Canada's main stock index closed up 572.93 points, or 2.5 per cent, to 23,587.80, while the Dow Jones, S&P 500 and Nasdaq were all up as markets closed.

Canadian and U.S. stocks closed higher Friday, capping off a tumultuous week that saw nausea-inducing drops and intense spikes driven largely by tariff headlines out of the United States.

“It’s been a topsy-turvy day, like every day,” said Allan Small, senior investment adviser at the Allan Small Financial Group with iA Private Wealth.

“I don’t recall seeing markets this jittery, this jumpy.”

Canada’s main stock index closed up 572.93 points, or 2.5 per cent, to 23,587.80.

In New York, the Dow Jones industrial average closed up 619.05 points at 40,212.71. The S&P 500 index rose 95.31 points to 5,363.36, while the Nasdaq composite was up 337.14 points at 16,724.46.

The Canadian dollar traded for 71.99 cents US compared with 71.35 cents US on Thursday.

Small said there were positive nuggets of news by week’s end, such as better-than-expected U.S. inflation data, strong earnings reports from big American banks and comments from the U.S. Federal Reserve Bank of Boston’s president that the Fed could step in if issues around market functioning or liquidity arise.

But Small said investors are much more closely watching the machinations around U.S. tariffs.