TSX, Dow Jones indexes higher after long weekend

TORONTO -- Investors returned Tuesday from holiday weekends in the U.S. and Canada in buying moods, sending indexes in New York and Toronto higher.

See Full Article

The Toronto Stock Exchange's S&P/TSX composite index was up 115.34 points or just under one per cent at 12,496.58 at mid-afternoon, adding to a 294-point gain on Friday.

In New York, enthusiasm was even stronger as the Dow Jones industrial average shot up 200.24 points or 1.25 per cent to 16,174.08.

The broader S&P 500 composite index rose 28.63 points or 1.54 per cent to 1,893.41, while the tech-heavy Nasdaq jumped 93.08 points or 2.15 per cent to 4,430.59.

The commodity-sensitive Canadian dollar slipped as oil and precious metals prices weakened, easing back 0.08 of a U.S. cent to 72.06 cents US.

In commodities, the March contract for benchmark North American crude oil fell 45 cents to US$28.99 a barrel after a big run-up on Friday, while March natural gas shed six cents to US$1.91 per mmBtu. April gold plunged $36.10 to US$1,203.30 a troy ounce, while March copper added two cents to US$2.05 a pound.

The TSX was closed Monday for Ontario's Family Day and American stock markets were closed for Presidents' Day.

The retreat in oil prices followed big gains on Friday and came despite word of an agreement Tuesday between Russia and Saudi Arabia to freeze their oil output, but only if other OPEC countries agree to do the same.

Analysts believe Iran is unlikely to go along because it wants to ramp up production now that economic sanctions have been removed.

In Asia, Japan's Nikkei index added 0.2 per cent after soaring 7.2 per cent on Monday on investor hopes that the government will announce even more lavish stimulus moves in the face of a slowing economy.

And Hong Kong's Hang Seng advanced 1.1 per cent as the yuan hit its highest level of the year against other currencies and the official Xinhua new agency reported loans surged 71 per cent in January, both signs of a possible strengthening of China's economy.

In Europe, Germany's DAX lost 0.8 per cent and France's CAC 40 dipped 0.1 per cent, while Britain's FTSE 100 rose 0.7 per cent.



Advertisements

Latest Economic News

  • China's richest man Jack Ma says he has 'great chemistry' with Trudeau

    Economic CTV News
    Alibaba founder and China’s richest man Jack Ma says he and Prime Minister Justin Trudeau have now met five times and have “great chemistry.” “See, the PM this morning talked about cutting the red tapes and improving the business environment,” Ma told BNN’s Jon Erlichman Monday after their latest meeting in Toronto. Source
  • Ottawa begins public consultations on dealing with corporate wrongdoing

    Economic CTV News
    MONTREAL -- The federal government kicked off nearly two months of public consultations Monday on revising efforts to address corporate wrongdoing, including the possible introduction of a deferred prosecution agreement regime. Engineering and construction firm SNC-Lavalin (TSX:SNC) has led the charge for deferred prosecution agreements (DPA) found in other countries as a way to resolve criminal fraud charges it faces. Source
  • South Dakotans oppose Canadian company's gold search

    Economic CTV News
    ROCHFORD, S.D. -- Some private landowners are opposing a Canadian company's search for gold in a remote area of South Dakota's Black Hills National Forest. Mineral Mountain Resources has submitted an operating plan to the forest for more than 20 drilling sites on federal land a couple miles south of Rochford. Source
  • Alberta creates advisory team to assist cities bidding for second Amazon HQ

    Economic CTV News
    CALGARY -- The Alberta government is stepping in to help Edmonton and Calgary bid for retail giant Amazon's second headquarters. Premier Rachel Notley says the team will assist the cities to make the best bids while selling the assets the province has to offer. Source
  • Satya Nadella aims to make Microsoft mighty — and mindful

    Economic CTV News
    Satya Nadella, the Microsoft CEO who kept the company relevant as its primary PC software business faded, could write a book about the challenges he faced. And he has ... but it's not a tell-all memoir. Source
  • Donald Trump on jobs of the future LIVE

    Economic CBC News
    Rohingya Muslims fleeing Myanmar describe military's violence and killings 2:50 Rohingya Muslims fleeing Myanmar describe how they faced violence and killings by the Burmese military, prompting thousands of them to flee to neighboring Bangladesh. Source
  • JetBlue latest U.S. airline to back Bombardier in fight with Boeing

    Economic CTV News
    MONTREAL -- JetBlue is the latest U.S. airline to back Bombardier in its trade dispute with Boeing, ahead of the expected imposition of preliminary export duties on shipments to the United States. The airline has urged the U.S. Source
  • Ontario has lost 1,000 planned rental units since new housing rules introduced:report

    Economic CTV News
    TORONTO -- A group representing Ontario's rental-housing providers says at least 1,000 planned rental units have been cancelled or converted to condominiums since the provincial government introduced new rent control rules in the spring. A new report commissioned by the Federation of Rental-Housing Providers of Ontario says the Liberal government's Fair Housing Plan has negatively impacted the province's rental housing supply. Source
  • Ontario has lost 1,000 planned rental units since new housing rules introduced: report

    Economic CTV News
    TORONTO -- A group representing Ontario's rental-housing providers says at least 1,000 planned rental units have been cancelled or converted to condominiums since the provincial government introduced new rent control rules in the spring. A new report commissioned by the Federation of Rental-Housing Providers of Ontario says the Liberal government's Fair Housing Plan has negatively impacted the province's rental housing supply. Source
  • Cenovus sells Suffield for $416M to International Petroleum

    Economic CBC News
    Canada's Cenovus Energy Inc has reached an agreement to sell its Suffield oil and gas assets for $512 million to International Petroleum Corp, striking its second deal this month as it pushes ahead with its debt reduction plan. Source