Toronto stock market shrugs off latest U.S. tariff action, loonie dips

TORONTO _ Canada’s main stock index largely shrugged off escalating trade tensions between Canada and the U.S. while the loonie dipped on news of new tariff action.

The Toronto Stock Exchange’s S&P/TSX composite index swung to positive territory in late trading to close up 12.84 points at 16,061.50, led by base metals and financials.

In New York, the Dow Jones industrial average closed down 251.94 points at 24,415.84. The S&P 500 index ended down 18.74 at 2,705.27 and the Nasdaq composite index was down 20.33 points at 7,442.12.

The Canadian dollar averaged 77.23 cents US, down 0.31 of a US cent after the U.S. said it would impose tariffs on Canadian steel and aluminum exports and the federal government responded with retaliatory tariffs.

The July crude contract ended down US$1.17 cents at US$67.04 per barrel and the July natural gas contract closed up seven cents at US$2.95 per mmBTU.

The August gold contract closed down US$1.80 to US$1,304.70 an ounce and the July copper contract ended even at US$3.07 a pound.