N.A. markets tumble as U.S.-China trade war heats up

N.A. markets tumble as U.S.-China trade war heats up
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Canada’s main stock index lost ground Monday but still fared better than U.S. markets that dropped sharply after China announced retaliatory tariffs in response to action by the U.S. administration. Investors’ search for safety pushed up gold prices and shares in the materials sector, helping to trim some of the deep losses experienced across the border. “You would expect that the TSX would get caught up in a global market sell off but certainly it’s not down as much as some of the other markets are today,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. The S&P/TSX composite index closed down 104.14 points or 0.64% to 16,193.41 after hitting an intraday low of 16,111.26. U.S. markets endured their worst day since early January. In New York, the Dow Jones industrial average was down 617.38 points at 25,324.99, just short of the 660-point drop on Jan. 3. The S&P 500 index was down 69.53 points or 2.5% at 2,811.87, while the Nasdaq composite was down 269.92 points or 3.4% at 7,647.02. Markets have faced volatility since last week over trade talks between the world’s two largest economies, and while they largely recovered each day last week from deep early losses, there was little to cheer about on Monday. “When you start getting into trade wars, investors start getting concerned that the gears of the global economy might slow down and grind to a halt and it raises questions of could this cause a global recession, could this cause […]

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