Loonie dips below 70 cents U.S., oil slides again

TORONTO -- The Toronto market posted a solid gain after a volatile day that saw crude oil and the loonie slide sharply before making small recoveries.

See Full Article

The S&P/TSX composite index added 54.65 points to end the day at 12,373.90, its first positive result since the Christmas break.

In New York, the Dow Jones average of 30 major stocks rose 117.65 points to close at 16,516.22, the broader S&P 500 index added 15.01 points to 1,938.68, and the Nasdaq rose 47.93 points to close at 4,685.92.

The February crude oil contract settled at US$30.44 a barrel, down 97 cents from Monday's close, after dipping below US$30 in earlier trading.

In other commodities, February gold fell $11 to settle at US$1,085.20 a troy ounce while February natural gas fell 13.9 cents to US$2.257 per mmBtu.

The loonie ended the day down 0.17 of a U.S. cent at 70.14 cents US, after slipping below 70 cents earlier in the day.



Advertisements

Latest Economic News

  • Postmedia selling Infomart division

    Economic CBC News
    Postmedia Network Canada Corp. has signed a deal to sell Infomart, its media monitoring division, to Meltwater News Canada Inc. for $38.25 million. The cash-strapped media company says net proceeds from the sale will be used to repay debt. Source
  • A new platform for Whole Foods? How deal could upend grocery

    Economic CTV News
    NEW YORK -- Seeing Whole Foods products first in Amazon searches? Breezing through the grocer's stores with an app that scans affordable fruits and seafood? Those are among the possible scenarios that unnerved the food industry last week, when Amazon announced a $13.7 billion megadeal to acquire Whole Foods. Source
  • Foreign home buyers surge 37 per cent in Montreal on growth in Chinese purchases

    Economic CTV News
    MONTREAL -- Canada's federal housing agency says the number of foreign buyers in the Montreal area surged by 37 per cent in the first four months of the year. The 236 purchases by foreigners accounted for 1.8 per cent of all real estate transactions from January to April, the Canada Mortgage and Housing Corp. Source
  • Qatar Airways seeks 10% stake in American Airlines

    Economic CBC News
    State-owned Qatar Airways is attempting to buy 10 per cent of American Airlines, a surprising move that would trigger an antitrust review by the U.S. government and carry political and trade-policy implications. American Airlines Group Inc. Source
  • Boeing plays down Bombardier dispute, still hopes to sell fighter jets to Canada

    Economic CTV News
    OTTAWA - A senior Boeing official says the U.S. aerospace giant's trade dispute with Montreal-based rival Bombardier is a "company-to-company issue." And Leanne Caret, the head of Boeing's massive defence, security and space division, still hopes to sell Super Hornet fighter jets to Canada. Source
  • Full list of 59 Sears Canada stores slated to close

    Economic CTV News
    Sears Canada will be closing stores in every province except Prince Edward Island, as the retailer slashes 2,900 jobs amid a major restructuring effort. Sears filed for court protection from creditors on Thursday, before announcing that it will close 20 full-line locations, 15 Sears Home stores, 10 outlet stores and 14 Sears Hometown locations. Source
  • Canadian retail sales top April forecasts

    Economic CBC News
    Canadian consumer spending in April was stronger than expected, which economists say lends weight to the Bank of Canada's recent suggestions that interest rate hikes could be on the way. Statistics Canada reported Thursday that retail sales for April rose by 0.8 per cent on a monthly basis to $48.6 billion. Source
  • Warren Buffett’s company buys into Toronto-based Home Capital

    Economic Toronto Sun
    TORONTO - Home Capital Group Inc. says American investment firm Berkshire Hathaway Inc. has agreed to indirectly acquire $400 million of its common shares in a private placement and provide a new $2 billion line of credit to its subsidiary, Home Trust Company. Source
  • Sears Canada cutting 2,900 jobs, closing 59 locations

    Economic Toronto Sun
    TORONTO — Sears Canada said Thursday it is seeking court protection from its creditors in order to restructure its business. The struggling retailer has piled up losses and seen its stock dive, losing more than 80 per cent of its value in the last year, despite efforts to reinvent itself at a time when more Canadians are shirking bricks-and-mortar in favour of online shopping. Source
  • New cryptocurrencies offering more than just a way to pay for things online

    Economic CTV News
    OTTAWA -- The success of bitcoin has spurred the launch of hundreds of copycat digital payment systems looking to cash in on the popularity of the cryptocurrency. But now a new generation of digital assets are gaining momentum, offering to do more with blockchain -- the technology that powers bitcoin as a currency -- than just allow a way to pay for things online using virtual Internet money. Source