Stock markets in Canada and the U.S. were up in late-morning trading on Tuesday, but off their highs for the day, following the big losses triggered by U.S. President Donald Trump’s tariffs announced last week.
The S&P/TSX composite index was up 134.97 points at 22,994.43.
In New York, the Dow Jones industrial average was up 753.08 points at 38,718.68. The S&P 500 index was up 105.96 points at 5,168.21, while the Nasdaq composite was up 393.94 points at 15,997.20.
Markets had fallen significantly starting last Thursday as they reacted to Trump’s sweeping round of tariffs on a wide swath of countries, with market watchers eyeing the growing possibility of a recession.
Tuesday’s bounce was global, with rallies in Asian and European markets.
It’s the latest example of the volatility that’s been a key feature of financial markets amid a steady stream of tariff news, with stocks often swinging wildly between days and even hours.
Trump indicated Monday that a deal could be imminent with South Korea, and there’s hope he could negotiate with other global players as well.
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“We are likewise dealing with many other countries, all of whom want to make a deal with the United States,” Trump said on social media.
The Canadian dollar traded for 70.37 compared with 70.29 cents US on Monday.
The price of oil also pulled higher, with the May crude oil contract up 26 cents US at US$60.96 per barrel.
The May natural gas contract was down four cents US at US$3.62 per mmBTU.
The June gold contract was up US$46.10 at US$3,019.70 an ounce and the May copper contract was up two cents US at US$4.20 a pound.
— With files from The Associated Press
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