S&P/TSX composite gains ground as oil prices rise, U.S. markets slide
BNN Bloomberg
Canada’s main stock index finished higher on Tuesday, while U.S. markets were mixed amid uncertainty about how long the Iran war will last.
“I think the market is really hoping for better news, and they may not get that,” said Theresa Shutt, chief investment officer at Harbourfront Wealth Management.
The S&P/TSX composite index was up 57.78 points at 31,941.59.
In New York, the Dow Jones industrial average was down 84.41 points at 46,124.06. The S&P 500 index was down 24.63 points at 6,556.37, while the Nasdaq composite was down 184.87 points at 21,761.89.
Markets have been on a roller coaster since U.S. President Donald Trump raised hopes that the war with Iran could end soon when he said Monday that the United States and Iran held productive talks “regarding a complete and total resolution of our hostilities in the Middle East.” His announcement, which came just before Wall Street opened for trading, caused financial markets worldwide to reverse momentum immediately.
It calmed worries that the war may cause a long-term disruption to the oil and natural gas industry in the Persian Gulf, one big enough to send a blast of inflation to the region’s customers worldwide.
The Pentagon is seeking US$200 billion in additional funds for the Iran war, a sizable amount that is certain to be met with questions from Congress, which would need to approve any new money.
Defence Minister David McGuinty says the federal government is giving a big boost to the munitions industry to build up the domestic supply of heavy artillery shells.
Defence Minister David McGuinty says the federal government is giving a big boost to the munitions industry to build up the domestic supply of heavy artillery shells.
The Bank of Canada today held its target for the overnight rate at 2.25 per cent, with the Bank Rate at 2.5 per cent and the deposit rate at 2.20 per cent.
Saskatchewan’s government is planning to table a deficit budget today in a move that Premier Scott Moe says protects public services.
Culture Minister Marc Miller says the government must have a serious conversation about AI systems’ use of news.
Delta Air said on Tuesday it expects first-quarter profit within its initial forecast range but raised its revenue expectations on strong demand, amid high jet fuel prices due to the conflict in the Middle East.
The United Arab Emirates briefly closed and then reopened its airspace Tuesday, temporarily halting flights in a crucial travel hub, as the country’s military said it was facing incoming attacks from Iran.
Prime Minister Mark Carney met with British Prime Minister Keir Starmer on Monday, and while both remarked the world has become a more challenging place since their first meeting a year ago, neither named a specific issue in their public remarks.
Japan plans to start releasing oil from its stockpiles on Monday to soften the shock from the U.S.-Israeli war on Iran, a stark reminder of the oil crisis half a century ago that prompted Tokyo to create reserves.
Warner Bros emerged as the biggest winner at the Academy Awards on Sunday, though the mood was clouded by its pending US$110 billion sale to Paramount Skydance, a deal reshaping Hollywood’s studio landscape.
Every day more than $4 billion worth of goods cross the United States’ borders with Canada and Mexico – U.S. auto parts headed for car factories in northern Mexico, cartons of Mexican avocados bound for California supermarkets, Canadian aluminum destined to become cans of Campbell Soup.
Prime Minister Mark Carney met Monday with Prime Minister Keir Starmer in London, and while both remarked the world has become a more challenging place since their first meeting a year ago, neither named a specific issue.