North American stocks drift as U.S.-China trade war escalation looms

The Canadian Press
Published Wednesday, May 8, 2019 11:57PM EDT
Last Updated Thursday, May 9, 2019 5:16PM EDT

TORONTO - North American markets drifted up and down with every presidential tweet and comment ahead of a possible escalation in the U.S.-China trade war.

The S&P/TSX composite index partially recovered from deep losses to close down 75.65 points to 16,321.75.

In New York, the Dow Jones industrial average fell by as much as 449.94 points but closed down 138.97 points at 25,828.36. The S&P 500 index was down 8.70 points at 2,870.72, while the Nasdaq composite was down 32.73 points at 7,910.59.

The Canadian dollar traded at an average of 74.17 cents US compared with an average of 74.26 cents US on Wednesday.

The June crude contract was down 42 cents at US$61.70 per barrel and the June natural gas contract was down 1.5 cents at US$2.60 per mmBTU.

The June gold contract was up US$3.80 at US$1,285.20 an ounce and the July copper contract was down 0.3 cents at US$2.77 a pound.

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