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

A Nexii roof panel is lifted during construction of a Starbucks in Abbotsford. Alexzi Building Solutions will be building a manufacturing plant in Langford or North Cowichan to produce the sustainable construction panels. (Photo courtesy of Alexzi Building Solutions)
Langford eyed for facility to make green building alternative to concrete

Langford, North Cowichan possible sites for plant to create sustainable construction panels

Local MP Elizabeth May says the public has a right to know the identity of the company that plans to operate the massive warehouse proposed for Sidney on airport lands but residents who want to stop the project would probably have to go through the courts. (Black Press Media File)
MP Elizabeth May says public has right to know identity of Sidney warehouse operator

Residents wanting to stop the project would probably have to go through the courts, said May

Bukwila by Art Thompson, set at the steps of Lansdowne campus’ Wilna Thomas Cultural Centre, has been welcoming students to campus since 1997. (Photo courtesy of Camosun College)
World-renowned artist’s legacy lives on at Camosun College

Art Thompson made untold contributions toward Indigenous education, art and advocacy

Did you know, according to the CRD, every person produces an average of 185–200 litres of wastewater per day? Here’s where most of it gets treated, at the new wastewater treatment facility at McLoughlin Point in Esquimalt. (CRD image)
View Royal signs on to wastewater funding plan

Capital Regional District requesting to borrow up to $34.3 million to upgrade infrastructure

(The Canadian Press)
Trudeau won’t say whether Canada supports patent waiver for COVID-19 vaccines

‘Canada is at the table to help find a solution’

A map showing where the most number of cases were recorded from April 23 to 29. This map, revealing a breakdown of infections by neighborhood, was pulled from a data package leaked to the Vancouver Sun last week (and independently verified).
36 Abbotsford schools flagged for COVID-19 exposures in the last 2 weeks, shattering record

Clearbrook Elementary recorded an ‘exposure’ on all 11 school days

Island Health has confirmed COVID-19 exposures at Ecole des Deux Mondes in Campbell River on May 4 and 5, and at Mill Bay Nature School in Mill Bay on April 28, 29, 30 and May 3. (Metro Creative photo)
Two new COVID-19 school exposures confirmed by Island Health

Health authority contacting anyone exposed at Ecole des Deux Mondes, Mill Bay Nature School

Canada’s chief public health officer is reminding Canadians even those who are fully vaccinated are not immune from transmitting the COVID-19. THE CANADIAN PRESS/Adrian Wyld
Canada’s top doctor warns full vaccination does not equal full protection from COVID-19

Post-inoculation, Theresa Tam says the risk of asymptomatic infection and transmission is far lower but not obsolete

The dash cam footage, taken May 7 at 8:18 a.m. belonged to the driver of a southbound vehicle that recently travelled out of the tunnel. (Reddit/Screen grab)
VIDEO: Dash cam captures dramatic rollover crash on Highway 99

Only one person sustained injuries from the collision, says B.C. Ambulance Services

Chevy stranded on a ledge above a rocky canyon at Mimi Falls near Logan Lake, April 28, 2021. (Photo credit: Margot Wikjord)
Police officer and fire chief team up in risky rescue of stranded dog near Logan Lake

Chevy, a rescue dog, needed rescuing again after getting stuck on a ledge above rocky canyon

Police were on the scene of a fatal shooting in Abbotsford. (Black Press Media files)
B.C. government to give more than $8 million for programs to curb gang violence

221 not-for-profit projects led by local governments and school districts among others will receive a one-time grant

Gord Judson steers his log truck down a forest service road, using two-way radio and call signals to mark his position for oncoming traffic. (B.C. Forest Safety Council)
Planning some B.C. wilderness fishing? Don’t catch a log truck

Remote recreation areas bracing for heavy pandemic pressure

Most Read