CLOSING BELL: TSX, DOW JONES, CLAW BACK FROM EARLY LOSSES
The sell-off continued today in the fallout of U.S. President Donald Trump’s proposed tariffs on steel and aluminum.
The Dow Jones lost 70 points to close the day at 24,538, clawing itself back from much steeper losses earlier in the day. Analysts say investors are concerned that the global economy could be hurt as other countries strike back.
Meanwhile reactions to the announcement continue to pour in as Trump doubled down on Twitter today, saying “trade wars are good” and “easy to win”. Prime Minister Justin Trudeau called the tariffs absolutely unacceptable, while the China Iron and Steel Association called them a “stupid trade protection measure”.
Bay Street was lower most of the day thanks to losses in the energy, financial and industrial sectors. Late trading got most of that back though as the TSX closed down just 9 points at 15,384.
The loonie continued its recent run of weakness, hitting 10 week lows, as the talk of tariffs took its toll. At presstime it’s down a third of a cent to 77.57 cents U.S., while oil is up 38 cents to $61.37 U.S. per barrel, and gold is up as well, $17.70, to $1322.90 U.S. an ounce.