TORONTO — Canada's main stock index moved lower Friday, weighed down by base metals and energy stocks as the price of oil fell, while U.S. markets cruised to close Wall St.'s best week this year on a wave of post-election bets.
TORONTO — Canada's main stock index moved lower Friday, weighed down by base metals and energy stocks as the price of oil fell, while U.S. markets cruised to close Wall St.'s best week this year on a wave of post-election bets.
That’s why the biggest beneficiaries of this week’s rally have been sectors or specific companies seen as benefiting from Trump’s promised policies, he said. In New York, all three major indexes reached new heights. The Dow Jones industrial average was up 259.65 points at 43,988.99. The S&P 500 index was up 22.44 points at 5,995.54, while the Nasdaq composite was up 17.32 points at 19,286.78.While the short-term effect of Trump's election on the markets is clearly positive, Burkett said it’s less clear what his effect will be over the medium term.
In Canada, where the economy is weaker and the central bank’s cutting trajectory steeper, things could also get more complicated, said Burkett.If the loonie weakens against the U.S. dollar due to Trump’s policies, that will in turn be inflationary for Canada, said Burkett.
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