Money Toronto stock market posts first back-to-back rally since COVID-19 crisis
Canada’s stock market collapse is like nothing we’ve ever seen before
That doesn't mean the stock market should be shut down until Covid-19 panic has passedIt can be difficult to comprehend the scale of the wealth destruction seen over the past month on global stock markets. Each plunge has come with a comparable statistic — “Worst one-day decline since [insert date here]” — but to understand what’s happened it helps to step back and see how the Covid-19 crash compares to past market collapses.
TORONTO — Canada's main stock index posted its first back-to-back rally since the COVID-19 crisis began to hit stocks last month as stimulus measures appear set to become a reality in Canada and the U.S.
The S&P/TSX composite index closed up 568.15 points or 4.5 per cent at 13,139.28.
Related video: How coronavirus is impacting the economy around the world (Provided by Global News)
In New York, the Dow Jones industrial average was up 495.64 points at 21,200.55. The S&P 500 index was up 28.23 points at 2,475.56, while the Nasdaq composite was down 33.56 points at 7,384.29.
North American stock markets set to plunge when trading begins today
TORONTO — The U.S. futures market is pointed to another plunge on North American stock markets this morning. Fears about the economic impact of COVID-19 have gripped investors despite a move by the U.S. Federal Reserve to boost the economy.
The Canadian dollar traded for 69.92 cents US compared with an average of 69.01 cents US on Tuesday.
The May crude contract was up 48 cents at US$24.49 per barrel and the May natural gas contract was down 1.5 cents at US$1.71 per mmBTU.
The April gold contract was down US$27.40 at US$1,633.40 an ounce and the May copper contract was up 2.4 cents at US$2.20 a pound.
This report by The Canadian Press was first published March 25, 2020.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)
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Supreme Court postpones hearing on constitutionality of federal carbon tax .
OTTAWA — The Supreme Court of Canada has postponed until at least June hearing a constitutional challenge of the federal government's carbon tax. The top court was to have heard the challenge, launched by Saskatchewan and Ontario and supported by several other provinces, next week. But, as part of a country-wide effort to stem the spread of COVID-19, Chief Justice Richard Wagner says the court is putting off several hearings, including on theThe top court was to have heard the challenge, launched by Saskatchewan and Ontario and supported by several other provinces, next week.