FILE – The Toronto Stock Exchange Broadcast Centre is shown in Toronto on June 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim

North American stock markets surge higher in early trading after crash on Monday

Stock markets nose-dived on Monday as crude oil prices sank to a four-year low

Canada’s main stock index was up 400 points in early trading Tuesday, a day after the Toronto Stock Exchange posted its biggest one-day loss since 1987, triggered by a collapse in oil prices.

The S&P/TSX composite index was up 429.47 points at 14,943.71 after gaining more than 500 points at the open.

Stock markets nose-dived on Monday as crude oil prices sank to a four-year low after Russia refused over the weekend to roll back production and Saudi Arabia responded by launching a crude price war by vowing to ramp up output.

The drop in oil rattled already jittery markets that had been under pressure due to concerns about the economic impact of the spread of the novel coronavirus that began in China.

It was a broad-based rally on Tuesday including the energy sector which suffered big losses on Monday. However, gains by several of the big names in Canada’s energy sector fell short of the previous day’s declines.

Shares in Suncor Energy Inc. were up 71 cents at $28.27 in early trading after falling nearly 18 per cent on Monday. Canadian Natural Resources Ltd., which lost nearly 30 per cent, regained 64 cents at $22.07.

In New York, the Dow Jones industrial average was up 701.91 points at 24,552.93. The S&P 500 index was up 81.36 points at 2,827.92, while the Nasdaq composite was up 242.62 points at 8,193.30.

The Canadian dollar traded for 73.10 cents US compared with an average of 73.54 cents US on Monday.

The April crude contract was up US$2.53 at US$33.66 per barrel and the April natural gas contract was up 11.2 cents at US$1.890 per mmBTU.

The April gold contract was down US$21.60 at US$1,654.0 an ounce and the May copper contract was up 2.15 cents at US$2.5320 a pound.

READ MORE: Feds have fiscal room to react to impacts of COVID-19, says Bill Morneau

READ MORE: Stocks slide on Wall Street over coronavirus and oil crash

The Canadian Press


Like us on Facebook and follow us on Twitter.

Coronaviruseconomy

Just Posted

West Kootenay couple escapes Spain – safe, sound, and in self-isolation

BC couple Garrett Kucher and Tory Apostoliuk make it home after almost a week of lockdown in Spain

Hospital’s Chief of Staff asks residents for help containing COVID-19

Invermere & District Hospital Chief of Staff says COVID-19 cases here, caution and care needed

Social media a blessing and a curse during time of crisis: B.C. communication expert

‘In moments of crisis, fear is very real and palpable,’ says SFU’s Peter Chow-White

Interior Health officials outline pandemic response in virtual town hall

Kelowna-Lake Country MLA Norm Letnick moderates digital discussion, Q&A with Interior Health leadership

MP Morrison touts non-partisan effort to provide relief amid COVID-19 pandemic

The federal government has announced a slew of economic initiatives for those impacted by the pandemic

B.C. records five new COVID-19 deaths, ‘zero chance’ life will return to normal in April

Province continue to have a recovery rate of about 50 per cent

BREAKING: First COVID-19 outbreak in Interior Health identified at Okanagan garden centre

The outbreak was identified among a group of temporary foreign workers

Anti-tax group calls for MPs, senators to donate scheduled pay raises to charity

Bill C-30, adopted 15 years ago, mandates the salary and allowance increases each calendar year

Two arrested after man lies about COVID-19 illness to stay in Victoria Airbnb for free

Victoria Police found stolen goods inside the occupied unit

Liberals delay release of 75% wage subsidy details, costs: Morneau

Program will provide up to $847 per week for each worker

No laws in B.C. to force businesses to offer refunds, even during a pandemic

Black Press Media talks to Consumer Protection BC on how to navigate during COVID-19

COVID-19 essential workers can apply for B.C. pre-school child care

Parent referral opens, providers offered emergency funding

Most abiding by COVID-19 rules, back fines, arrests of those who aren’t: poll

But 64 per cent said they’ve personally witnessed people not respecting the measures

Most Read