CLOSING BELL: Monday’s rally short-lived as markets fall today
Hopes that Bay and Wall streets could build off yesterday’s rally didn’t pan out as the markets took a tumble today.
The financial sector weighed the TSX down with political problems with Russia playing their part as well.
Canada’s main stock market lost 82 points today to close at 15,216. It had bounced back from a five-week low yesterday.
In New York the Dow Jones was up most of the day as investors were happy with reports that the United States and China were negotiating tariffs, but a flurry of late trading saw the market plunge. It closed at 23,857, losing 344 points after seeing its single biggest one day point gain since 2015 yesterday.
The federal government wants to keep cheap offshore steel from getting into the United States through Canada and announced new powers for border agents today aimed at doing just that.
Tim Hortons has fallen out of the top 10 “most influential brands” in Ipsos Canada’s annual survey for the first time in six years. It dropped from ninth last year to 16th this year.
At press time oil is down 81 cents to $64.74 U.S. per barrel, gold is down $10.90 to $1,344.10 an ounce, and the loonie is down a quarter of a cent to 77.57 cents U.S.