After huge losses in the wake of announced tariffs on China last week there was a big rebound on Wall Street today. The surge was led by gains in financials and technology, as investor worries eased some on reports that the U.S. and China are willing to negotiate to avoid a trade war.
The issue is the possibility of $60 billion-worth of U.S.-imposed tariffs on Chinese goods and $3 billion worth of retaliatory duties on American goods. The Dow Jones closed the day 669 points higher to 24,202, its biggest one day point gain since 2015.
In Toronto gains were led by the financial sector, as the boost from the possibility of American/Chinese negotiations was welcomed on Bay Street. The TSX finished the day at 15,298 up 74 points.
Meanwhile the fallout from the Facebook/Cambridge Analytica scandal continues. An Angus Reid poll shows around 75% of Canadians plan on leaving Facebook over the data breach of 50 million users. The survey had 1,500 respondents.
The social media company’s stock was down by as much as five per cent today but managed to close up 67 cents.
At press time oil is down 39 cents to $65.49 U.S. per barrel, gold is up $2.80 to $1352.70 an ounce, and the loonie is up a third of a cent to 77.76 cents U.S.