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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Kitimat LNG Canada worker tests positive for COVID-19

The company announced the positive case to its workers on March 28

Bachrach to donate salary hike to community organizations

Skeena-Bulkley Valley MP among growing list of MPs giving raise away amid economic crisis

Coast Mountain College sets up student emergency fund

It’ll provide grocery store gift cards for students affected by COVID-19 crisis

Northern Health moves reefer unit to Mills Memorial

The move is not related to COVID-19

Trudeau rejects mandatory stay-at-home order for now; COVID deaths up

The virus has now infected more than 10,000 Canadians and cost 130 their lives

B.C. health care workers gain access to virtual health care options

During COVID-19 many clinics have closed, leaving health care workers with nowhere to turn

Tax collectors, auditors to help field ‘historic’ numbers of benefit-seeking callers

‘If you work for CRA, people think we are just there to take money from your pockets.’

Cowichan couple won’t self-isolate after returning from overseas

New law requires 14 days of self-isolation when returning to Canada

Family uses social media to help truckers find places to eat during pandemic

Restaurants Serving Drivers in Western Canada seeks to provide a list of places open for drivers

Advocates sound alarm over COVID-19 limiting access to contraceptives, abortion

The COVID-19 outbreak has hit sexual-health services from almost every angle

Celebrate Easter in a ‘safe way,’ Dr. Henry urges as B.C records 6 new COVID-19 deaths

Top doctor urges British Columbians to halt non-essential travel within the province

B.C. health officer says homemade masks may prevent spread of COVID-19 to others

Practising physical distancing, frequent hand washing and resisting touching your face are proven methods

Most Read