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

  • Canada open to completing NAFTA talks in short order

    Economic CBC News
    Canadian negotiators are open to working on a timeline proposed by the U.S. to complete NAFTA renegotiations before the end of the year, CBC News has learned. A government source, speaking on background, tells CBC News that Canada is willing to work quickly, but will not agree to a bad deal for the sake of meeting a deadline. Source
  • U.S. wants NAFTA talks to wrap up before year's end, but is it possible?

    Economic CBC News
    Canadian negotiators are open to working on a timeline proposed by the U.S. to complete NAFTA renegotiations before the end of the year, CBC News has learned. A government source, speaking on background, tells CBC News that Canada is willing to work quickly, but will not agree to a bad deal for the sake of meeting a deadline. Source
  • B.C. premier and jobs minister sued by fired LNG advocate claiming $5M

    Economic CTV News
    VANCOUVER -- British Columbia's fired liquefied natural gas advocate is suing Premier John Horgan, the province's jobs minister and a New Democrat MP in a lawsuit claiming $5 million in damages. Gordon Wilson alleges in a statement of claim filed in B.C. Source
  • Millennials in Atlantic Canada most optimistic about owning homes

    Economic CTV News
    Do millennials think they can afford to buy a home? If they live in Atlantic Canada, the answer is a lot more likely to be yes. That’s according to a new online survey of 1,000 Canadians aged 25 to 30, conducted by Leger Marketing from real estate firm Royal LePage. Source
  • Can millennials afford to buy a home? It depends where they live

    Economic CTV News
    Do millennials think they can afford to buy a home? If they live in Atlantic Canada, the answer is a lot more likely to be yes. That’s according to a new online survey of 1,000 Canadians aged 25 to 30, conducted by Leger Marketing from real estate firm Royal LePage. Source
  • $500K hardship fund for former Sears Canada employees approved by judge

    Economic CBC News
    A judge has approved a hardship fund for former Sears Canada employees that will come from a pool of money set aside to pay bonuses for key employees. The $500,000 fund will help former employees facing difficulty who would have otherwise been eligible for severance payments when they lost their jobs at the retailer. Source
  • Elevated testosterone linked to 'reckless' financial trading, study finds

    Economic CBC News
    It's no secret financial traders have always been predominately male. So, when a group of researchers with the Ivey Business School at Western University in London, Ont., set out to at look at the role of testosterone on the markets, it wasn't a far-flung idea. Source
  • Brazil to ask for WTO panel to settle dispute over Bombardier subsidies

    Economic CTV News
    MONTREAL -- Brazil says it will ask the World Trade Organization to establish a dispute settlement panel after consultations with Canada failed to resolve its complaint about government subsidies to aircraft manufacturer Bombardier. The South American country said it will ask the WTO to examine more than 20 subsidy programs granted to the Montreal-based company for the development of its CSeries aircraft. Source
  • Bombardier employee in Swedish unit charged with bribery

    Economic CBC News
    A Russian employee in the Swedish branch of Canadian plane and train maker Bombardier was charged Friday with aggravated bribery and faces up to six years in jail and deportation if found guilty. Swedish prosecutor Thomas Forsberg alleges Evgeny Pavlov bribed a public servant in Azerbaijan to win a $340-million contract for a new signalling system. Source
  • Bombardier says Russian worker charged with bribery doesn't reflect its values

    Economic CTV News
    MONTREAL -- Bombardier says the filing of formal criminal charges in Sweden on Friday against a railway employee doesn't reflect its values. "We take these allegations very seriously as they assert conduct that does not reflect our values or the high standards we set for ourselves, our employees and our partners," the Montreal-based company (TSX:BBD.B) said in a statement. Source