AFTER THE BELL: North American markets jump as key sectors, stocks rally
A rise in key sectors coupled with optimism over Canada and the U.S. resuming talks to modernize NAFTA translated into a positive day on the TSX.
Canada’s stock exchange ended 113 points higher with healthy gains in the energy, financials, materials, and industrials sectors.
Energy finished 2.5 percent higher, coinciding with a jump in oil, while a strong trading day among popular cannabis stocks gave the health care sector a 6.1 percent boost.
Oil rose 71 cents to $69.62 US a barrel on reports of Saudi Arabia saying that it’s in no hurry to see prices drop, and OPEC indicating that it’s not prepared to raise output.
The news of Canada/U.S. negotiations resuming in Washington on Wednesday also lifted the loonie, which jumped 41/100ths of a cent to $.07706 cents US.
In the U.S. the Dow erased yesterday’s triple-digit losses by jumping 184 points, with more than two-percent increases in Nike and Intel stocks helping to lead the resurgence on Wall Street.
The Dow climbed despite Trump slapping 10 percent tariffs on roughly $200 billion worth of Chinese goods, and China striking back with duties on $60 billion of U.S. imports.
The Nasdaq had another positive day, ending 60 points in the green with market movers Amazon, Apple, and Google parent Alphabet trading higher.
Gold had a down day, losing $2.60 to $1,198 an ounce.