It was a big bounce back day on both Bay Street and Wall Street.
Canada’s main stock market was up in response to U.S. President Donald Trump’s statements that the country, along with Mexico, could get exemptions from his steel and aluminum tariffs if a new NAFTA deal could be reached. The TSX closed at 15,541, up 156 points.
In New York things stumbled out of the gate but it climbed steadily throughout the day, even as companies that rely on steel fell behind. The Dow Jones finished the day 336 points higher to 24,874.
The investigation into large-diameter welded pipe imports into the United States is going to continue as the U.S International Trade Commission voted today to keep it up. It’s looking into whether manufacturers from six countries, including Canada, are getting unfair subsidies from their governments or are selling the pipes for below-market prices.
At presstime oil is up $1.33 to $62.58 U.S. per barrel, gold is down $2.30 to $1321.10 an ounce, and the loonie is down half a cent, hitting nearly eight-month lows on the backs of those American tariff talks, to 76.98 cents U.S.