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

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

Penticton Golf and Country Club was in full swing on opening day on March 2. (Monique Tamminga - Western News)
Golf in full swing on opening day at Penticton course

All tee times are booked into the next two weeks at the Penticton Golf and Country Club

A nurse performs a test on a patient at a drive-in COVID-19 clinic in Montreal, on Wednesday, October 21, 2020. THE CANADIAN PRESS/Paul Chiasson
Interior Health reports 16 new COVID-19 cases

423 cases remain active in the region

The City of Penticton is redirecting $150,000 for emergency repair work on Penticton Creek. (Western News File)
Grant delays force Penticton to redirect funds for emergency creek repairs

Council approved redirecting $150K to do repairs before the spring melt

Penticton City Hall. (File photo)
Penticton council ups construction costs

Council approved an interim increase of 25 per cent to all of the city’s development cost charges

(Black Press file photo)
Penticton man arrested while sleeping in stolen vehicle, again

30-year-old Penticton resident Shane Pope is well-known to police

The Independent Investigations Office of B.C. has cleared the Lumby RCMP of any wrongdoing after a missing person was found deceased in December 2020. (IIO photo)
Police watchdog says North Okanagan RCMP played no role in missing person’s death

The body was found by a family member shortly after the RCMP suspended their search

The area on Cordova Bay Road where ancestral human remains were discovered Feb. 22. (Submitted photo)
Human remains discovery a reminder of B.C. Indigenous culture dug up and displaced

‘These are the people who inspired and birthed the generations that we now have here’

The images are of Bald Eagles feeding.
Photos: Birds of prey

Princeton photographer captures compelling photos of a Bald Eagle breakfast

HOPE Okanagan’s Stay at Home Gala will raise funds to help serve Kelowna and Vernon’s vulnerable. (HOPE Okanagan)
Non-profit hosts virtual gala to support Okanagan’s vulnerable

HOPE Okanagan wants to raise awareness and support for those struggling in the streets

Older rental apartments are prime candidates for renovations, and could result in lost affordable housing stock. (Zoë Ducklow photo)
B.C.’s renoviction overhaul a good start, but won’t preserve affordable stock, lawyer says

And still no protection for people who can’t pay rent due to COVID-19

An off-duty Vernon Taxi driver got a 24-hour licence suspension, vehicle towed, after failing a standardized field sobriety test around 1:40 a.m. Tuesday, March 2, 2021. (John E Green - Facebook)
Vernon Taxi towed after driver suspected impaired

Off-duty cab towed from McDonald’s drive-thru early Tuesday morning

Kamloops This Week
Cause of Kamloops landfill fire may never be known

Fire investigators are dealing with too much destruction in too large an area

Most Read