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

  • Wages, full-time work sliding for young Canadians, StatsCan says

    Economic CBC News
    Unemployment rates among young Canadians have held relatively steady when compared with the mid-1970s, but the proportion of full-time or permanent jobs has changed sharply over that time, says Statistics Canada. In a study released Monday that looks at changes in the youth labour market from 1976 to 2015, Statistics Canada said the unemployment rate for the 15 to 24 age group averaged 13.2 per cent in 2015, slightly higher than the rate of 12.4 per cent seen in 1976. Source
  • Federal, Ontario governments talking 'investments' with Canada's big automakers

    Economic CTV News
    OTTAWA - The federal and Ontario governments are actively discussing major investments in the big automakers. Following the recent conclusion of labour negotiations, the auto companies are now in talks with the governments about investment opportunities in a sector that is a critical component of the Ontario and Canadian economies. Source
  • Postal workers ratify agreement reached last summer with Canada Post

    Economic CTV News
    MONTREAL -- A union spokeswoman says members of the Canadian Union of Postal Workers have ratified the tentative agreement reached last summer with Canada Post. Lise-Lyne Gelineau, president of the union's Montreal section, tells The Canadian Press rural and suburban mail carriers voted 55 per cent in favour of the new contract, while urban postal workers voted 63 per cent in favour. Source
  • Global trade more important than ever, Chrystia Freeland tells Toronto audience

    Economic CBC News
    Ottawa is more in favour than ever of global trade and signing free trade amendments, despite recent moves toward protectionism in other countries, International Trade Minister Chrystia Freeland told a Toronto business audience on Monday. Speaking to the Toronto Board of Trade at a luncheon, Freeland said is "so proud" to be representing Canada on the world stage, because it is "the country that is most clearly bucking the trend" toward protectionism and closed borders. Source
  • Trump not saying what he'll do about Dakota Access pipeline

    Economic CTV News
    CANNON BALL, N.D. -- Protesters who celebrated a major victory in their push to reroute the Dakota Access oil pipeline vowed to remain camped on federal land as they wait to find out whether President-elect Donald Trump might seek to overturn a decision that delayed the $3.8 billion project. Source
  • Electric vehicle charging stations coming to 25 Ontario Canadian Tire locations

    Economic CTV News
    ETOBICOKE, Ont. - Electric vehicle charging stations are being added to 25 Canadian Tire Gas+ locations across Ontario. AddEnergie Technologies says the stations, which start rolling out early next year, join the 2,500 stations along its FLO Canadian charging network. Source
  • International trade minister's announcement and news conference LIVE

    Economic CBC News
    Trevor Noah on race, comedy and politics 12:14 Daily Show host talks to CBC's Wendy Mesley about U.S. race relations, his childhood under apartheid and his controversial interview with pundit Tomi Lahren Source
  • StatCan study highlights drop in wage, job quality for young workers

    Economic CTV News
    OTTAWA - A new study from Statistics Canada says young people have seen their job quality decline over the last four decades, even as the unemployment rate has remained virtually unchanged. In a report released today, the national statistics office says fewer young Canadians, who are not full-time students, are working in full-time jobs today than in 1976, a result driven mainly by the rise of part-time work rather than increases in unemployment rates or decreases in labour force…
  • Second Cup signs $8M loan deal

    Economic CBC News
    The Second Cup Ltd. has signed a deal for a four-year, $8-million secured term loan from an affiliate of Serruya Private Equity following a review of its strategic options. The company says proceeds from the loan will be used to repay its existing $6-million credit facility and for general corporate purposes. Source
  • Amazon Go store is checkout free

    Economic CTV News
    NEW YORK -- Amazon is testing a grocery store model in Seattle that works without checkout lines. Called Amazon Go, shoppers scan their Amazon app when they enter the store, and then sensors register items that shoppers pick up and automatically charge them to the Amazon app. Source