S&P/TSX composite falls on tariff fears, U.S. markets also slip
Written by The Canadian Press on January 31, 2025
TORONTO — Stock markets and the Canadian dollar fell Friday as it became increasingly likely that U.S. President Donald Trump would impose tariffs starting Feb. 1.
The S&P/TSX composite index traded up earlier in the day after a report that tariffs could be delayed, but the index closed down 275.15 points at 25,533.10 after the White House confirmed it intended to go ahead with tariffs on Saturday.
In New York, the Dow Jones industrial average closed down 337.47 points at 44,544.66. The S&P 500 index was down 30.64 points at 6,040.53, while the Nasdaq composite was down 54.31 points at 19,627.44.
The Canadian dollar traded for 69.04 cents US, compared with 69.38 cents US on Thursday.
The March crude oil contract was down 20 cents at US$72.53 per barrel and the March natural gas contract was down less than a penny at US$3.04 per mmBTU.
The April gold contract was down US$10.20 at US$2,835.00 an ounce and the March copper contract was down three cents at US$4.28 a pound.
This report by The Canadian Press was first published Jan. 31, 2025.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press