Newspaper article The Canadian Press

TSX Moves Lower in Another Volatile Day That Ends Weakest Week of 2019

Newspaper article The Canadian Press

TSX Moves Lower in Another Volatile Day That Ends Weakest Week of 2019

Article excerpt

TSX ends weakest week of 2019 lower


TORONTO - Canada's main stock index ended its weakest week of the year down just slightly despite another day of extreme volatility over trade uncertainty.

The S&P/TSX composite index closed down 24.20 points to 16,297.55 after hitting an intraday low 16,138.98.

The Toronto market ended the week down 1.2 per cent, the largest weekly loss since the third week of December.

The decrease resulted from conflicting signals coming out of trade negotiations between the U.S. and China.

Markets fell after the United States made good on its threat to raise tariffs on US$200 billion of Chinese goods to 25 per cent. But they rallied in the afternoon after U.S. President Donald Trump said talks were "constructive" and his relationship with his Chinese counterpart remains very strong.

Despite the losing week, investors shouldn't lose sight of the strong gains experienced so far in 2019, said Mike Archibald, associate portfolio manager with AGF Investments Inc.

"It's probably a little bit of a give-back here and a recalibration of expectations to what's going on around us, particularly with respect to trade," he said in an interview.

Most investors anticipated a week ago that the two sides were close to a deal based on upbeat comments from U.S. administration officials. Like the earlier trading sessions of the week, markets started weak and rebounded later in the day on encouraging tweets and comments from Trump or other officials.

In New York, markets fully rebounded from deep losses earlier in the day. The Dow Jones industrial average was up 114.01 points at 25,942.37 after dipping as low as 562.58 points or 2.1 per cent. The S&P 500 index was up 10.68 points at 2,881.40 after being down 2.2 per cent, while the Nasdaq composite was up 6.35 points at 7,916.94 after falling by three per cent.

Trump has threatened tariffs on another US$352 billion worth of Chinese imports. …

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