Stocks climb before tariffs
Wall and Bay streets rose on Wednesday, right before Trump unveiled his next round of tariffs minutes after the closing bell. He announced reciprocal tariffs against many countries, including Canada, which will be hit with onerous levies on many items including diary and cars. Canada is prepared to retaliate against these sweeping tariffs as is the E.U. and other economies.
By the close, the TSX was up 1.09% as all but telcos and another sector rallied. Tech, discretionary and industrials performed the best. Most influential were TD at 1.1%, the Bank of Nova Scotia 1.5%, Algonquin Power 1.63% and TC Energy 1.63%. However, BlackBerry slumped 9.16% on a downbeat fiscal outlook. In commodities, gold edged up another US$8 to US$3,121 while WTI increased 0.8% to US$71.80.
In New York, the S&P closed 0.67% higher, the Nasdaq 0.87% and the Dow 0.56%. Major movers included Ford by 2.11%, Leidos 5.91%, Tesla 5.33%, Caesars 5.8% and Hershey at -3.34%. The U.S. 10-year yield climbed to 4.218% while Bitcoin jumped 2.75% to US$87,600.
🏛 Toronto Dominion (TD-T) +1.1%
🏛 Bank of Nova Scotia (BNS-T) +1.5%
💡 Algonquin Power & Utilities Corp (AQN-T) +1.63%
📱 BlackBerry (BB-T) -9.16%
🚘 Ford Motor (F-N) -2.11%
♠ Caesars Entertainment (CZR-Q) -5.8%
🍫 Hershey Foods Corp (HSY-N) -3-34%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +2.75%
