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Stockhouse @ the Bell: Trade war deepens, TSX caught in the crossfire

Stockhouse Editorial
0 Comments| May 10, 2019

Canada’s main stock index dropped again on Friday to close out the trading week, as investors continue to stress over Washington’s rising tariffs on Chinese goods, despite both sides trying to sign a deal at the last-minute. Sagging shares represented a risk-off mode around the globe over concerns that keeping trade tensions between the world’s two biggest economies would erode global growth. The U.S. increased levies on $20 billion worth of goods from China and Beijing stated it would retaliate in kind. Positive talk from the U.S. Administration paved the way for a bump in the Dow. The energy and materials sector posted some of the steepest declines. Statistics Canada reported the economy added 106,500 jobs in April, the biggest one-month gain since the government started keeping comparable data in 1976.

The S&P/TSX Composite Index was down 24.20 points to 16,297.55, but the TSX Venture Exchange was up 7.37 points to 599.48.

The Canadian dollar traded for 74.45 cents US compared with an average of 74.17 cents US on Thursday.

Crude oil prices were down $0.12 to $61.58.

The price of gold was up $2.30 to $1,285.80.

In U.S. markets; the Dow gained 114.01 points to 25,942.37, the S&P 500 added 10.68 points to 2,881.740, and the NASDAQ was up 6.35 points to 7,916.94.

In world markets; the Nikkei lost 57.06 points to 21,344.92, the Hang Seng jumped 288.41 points to 28,596.60, the FTSE shed 4.12 points to 7,203.29, and the DAX grew 86.53 points to 11,059.83.


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