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

Signs geared to protecting salmon habitat were damaged at the Fraser River near Chilliwack. (Facebook)
New signs for protecting Fraser River habitat near Chilliwack vandalized

Fishery officers want off-road users to enjoy river resource in the ‘least damaging way possible’

Abbotsford Regional Hospital (Black Press file photo)
Nurse assaulted at Abbotsford hospital in same ward as 2019 dumbbell attack

‘Completely unacceptable that nurses continue to be assaulted,’ says union president

Riverside Calvary Church in Walnut Grove. (Langley Advance Times file)
B.C. is ‘stereotyping’ churches as riskier for COVID than other spaces, lawyer argues

Judge said that freedom of expression, religion are not at issue in the case

A real estate sold sign hangs in front of a Canadian property Friday, Nov. 4, 2016. THE CANADIAN PRESS/Graeme Roy.
Fraser Valley Real Estate Board breaks sales records 6 months in a row

‘Levels never seen before in the 100-year history of the FVREB’

(Black Press file photo)
Harrison Mills boy, 11, dies from ‘extensive injuries’: Homicide team

Agassiz RCMP were called out Friday to assist with a child in medical distress

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

(Photo by Marissa Baecker/Shoot the Breeze)
B.C. WHL teams to hit the ice with Kelowna, Kamloops hub cities

Kelowna, Kamloops centres chosen to host B.C. WHL teams for 24-game regular season

A memorial to Hudson Brooks outside the South Surrey RCMP detachment. (File photo)
Surrey officer who fatally shot Hudson Brooks recounts ‘absolutely terrifying’ incident

Const. Elizabeth Cucheran testified at coroner’s inquest Tuesday morning

The machines are akin to ATMs and allow drug users at risk of overdose to get hydromorphone pills dispensed to them after their palm has been scanned to identify its unique vein pattern. (CANADIAN PRESS)
Feds dole out $3.5M for ‘vending machines’ to dispense safer opioids in B.C.

The machines are located in four cities across Canada, including Vancouver and Victoria

Kelowna’s lakefront visitor centre is one of 130 around the province. Tourism businesses have been hardest hit by COVID-19 restrictions on travel. (Destination B.C.)
Tourism, small business getting COVID-19 help, B.C. minister says

$300M grant program has delivered $50 million so far

The incident happened in downtown Castlegar. Photo: Betsy Kline
Castlegar teen recounts stabbing after stranger breaks into grandmother’s house

The unnamed teen survived a terrifying attack Feb. 21

Dr. Amit Desai of St. Francis Hospital receives a COVID-19 vaccine on Dec. 17. (Photo courtesy of CHI Franciscan)
B.C. has now vaccinated more people from COVID-19 than total confirmed cases

B.C. has reached a milestone, vaccinating roughly 1.6% of its population from the coronavirus

Most Read