Canadian, U.S. markets close higher, capping off topsy turvy week
"It's been a topsy-turvy day, like every day," said Allan Small, senior investment adviser at the Allan Small Financial Group with iA Private Wealth.
"I don't recall seeing markets this jittery, this jumpy."
Canada's main stock index closed up 572.93 points, or 2.5 per cent, to 23,587.80.
In New York, the Dow Jones industrial average closed up 619.05 points at 40,212.71. The S&P 500 index rose 95.31 points to 5,363.36, while the Nasdaq composite was up 337.14 points at 16,724.46.
The Canadian dollar traded for 71.99 cents US compared with 71.35 cents US on Thursday.
Small said there were positive nuggets of news by week's end, such as better-than-expected U.S. inflation data, strong earnings reports from big American banks and comments from the U.S. Federal Reserve Bank of Boston's president that the Fed could step in if issues around market functioning or liquidity arise.
But Small said investors are much more closely watching the machinations around U.S. tariffs.
"The economic data, corporate earnings data, just doesn't hold a candle to politics," he said.
"Even the slightest rumour or conversation, whether or not it actually happens, can move markets far more than any of the economic data you're going to put in front of investors today."
Markets soared earlier in the week after U.S. President Donald Trump said he would pause some of the "reciprocal" tariffs against global trading partners, though he kept the 10 per cent baseline levy in place. Markets reversed course a day later as the U.S. trade war with China ramped up.
Small is advising everyday investors not to get hung up on the day-to-day swings, and instead scope out buying opportunities for quality stocks.
"A lot of those big names, leaders in their industry and sectors, have dropped significantly — leaders in tech, leaders in banks, leaders really right across the board. No matter what sector, it seems as though everything is taking a hit. So it is a good time to buy for the future," said Small.
"Don't look day to day. The numbers you see on the screen or on your statement, obviously they're real ... But it doesn't become reality until you sell ... The reasons why they're falling are skewing the real value of those shares."
The May crude oil contract settled up US$1.43 to US$61.50 per barrel and the May natural gas contract was down three cents US at US$3.53 per mmBTU.
The June gold contract was up US$67.10 at US$3,244.60 an ounce and the May copper contract was up 19 cents US at US$4.52 a pound.
This report by The Canadian Press was first published April 11, 2025.
Companies in this story: (TSX: GSPTSE, TSX: CADUSD)
Lauren Krugel, The Canadian Press
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
4 minutes ago
- The Hill
Senate Democrats urge Trump to walk back Nvidia, AMD deal
Several top Senate Democrats are urging President Trump to walk back a deal with Nvidia and AMD that would allow the companies to sell artificial intelligence (AI) chips to China after they agreed to share 15 percent of revenue from sales. Senate Majority Leader Chuck Schumer (D-N.Y.) and Sens. Mark Warner (D-Va.), Jack Reed (D-R.I.), Jeanne Shaheen (D-N.H.), Chris Coons (D-Del.) and Elizabeth Warren (D-Mass.) argued in a letter sent Friday that the move runs counter to U.S. national security interests and could violate the law. Warner is the vice chair of the Senate Intelligence Committee, while Reed, Shaheen and Warren are the top Democrats on the Senate Armed Services, Foreign Relations and Banking panels, respectively. 'This 'negotiated deal,' allowing American semiconductor manufacturers to pay a 15 percent fee for the ability to sell critically sensitive technology to our adversary, blatantly violates the purpose of export control laws,' they wrote. Nvidia and AMD have each agreed to share 15 percent of revenue from the sales of their H20 and MI308 chips in order to secure export licenses from the Trump administration, which had imposed new licensing restrictions effectively blocking sales earlier this year. The deal has raised legal questions, as federal law prohibits fees on export licenses, while the Constitution bars export taxes. However, it's unclear whether the agreement would be considered a formal fee or tax and whether anyone would challenge the move. It has also provoked national security concerns, as the U.S. seeks to outpace China on AI and prevent Beijing from using the technology to boost its military capabilities. 'Our national security and military readiness relies upon American innovators inventing and producing the best technology in the world, and in maintaining that qualitative advantage in sensitive domains,' the senators said. 'The United States has historically been successful in maintaining and building that advantage because of, in part, our ability to deny adversaries access to those technologies.' 'The willingness displayed in this arrangement to 'negotiate' away America's competitive edge that is key to our national security in exchange for what is, in effect, a commission on a sale of AI-enabling technology to our main global competitor, is cause for serious alarm,' they added. The Democratic lawmakers pressed Trump for information about who participated in the negotiations, what legal standards were applied, how the 15 percent will be determined and collected, what the funds will be used for and what other companies are under consideration for such a deal. White House press secretary Karoline Leavitt suggested last week that the administration could pursue similar agreements in the future, even as the legality and mechanics of the Nvidia and AMD deal are 'still being ironed out' by the Commerce Department. 'Right now, it stands with these two companies. Perhaps it could expand in the future to other companies,' she said. 'I think it's a creative idea and solution.'
Newsweek
5 minutes ago
- Newsweek
The Real Trade Emergency—Why the Business Community Must Lead Again
U.S. trade policy is adrift—not for lack of activity, but for lack of leadership coordination and vision. The recent use of emergency authorities like the International Emergency Economic Powers Act (IEEPA) to impose tariffs reflects a broader challenge. It's not just about policy complexity in an uncertain global economy; it's also about the absence of strong, unified input from the American business community. For decades, U.S. companies helped shape an open, rules-based trading system. Today, that collective voice is missing, and the consequences are mounting. American businesses once led boldly on trade. They were instrumental in building a global system that expanded prosperity, lifted millions out of poverty, and cemented U.S. economic leadership. Organizations like the Emergency Committee for American Trade (ECAT), founded in 1967 by executives from IBM, Ford, John Deere, and Chase Manhattan Bank, stood at the center of that effort. These leaders understood that trade policy wasn't just a Washington exercise; it was a business imperative. President Donald Trump answers questions from reporters in the Oval Office on Aug. 14, 2025, in Washington, D.C. President Donald Trump answers questions from reporters in the Oval Office on Aug. 14, 2025, in Washington, when ECAT closed its doors in 2018, it signaled, perhaps prematurely, that business had declared victory on trade. What followed was fragmentation: sector-by-sector advocacy, each focused on its own narrow interests. Now, the tech industry lobbies for digital priorities. Agriculture and food companies navigate their own trade challenges. Financial firms carve out separate agendas. Branded consumer companies defend their global reputations. But few speak with a unified voice about the broader U.S. trade strategy or the need for one. A siloed approach has weakened America's global negotiating position and eroded public support for open markets. The result? Incoherent policies, rising costs, and missed opportunities. While large multinationals can often absorb or shift the impact of tariffs, smaller businesses and households are less fortunate. Trade policy built on ad hoc decisions and political expediency doesn't deliver for the broader economy. Greg Page, former chairman and CEO of Cargill, once said in a meeting with government officials while we were advocating on the Transpacific Partnership in Washington, DC: "When it's every company and every country for itself, the poor suffer most." Greg's warning rings louder today. The erosion of collaborative business leadership on trade isn't just an economic issue; it's a moral and strategic one. Trade has always been about more than market access. It's about building bridges, deepening alliances, and strengthening the backbone of democracy through shared prosperity. In the absence of business leadership, policy risks becoming reactive and politicized. Consider this: America's own revolution was sparked in part by opposition to unfair tariffs. Advocating for modern trade liberalization isn't anti-American; it's deeply in line with the nation's founding ideals. Eliminating harmful trade barriers and investing in rules-based trade enhances our independence and global standing. Meanwhile, other nations aren't standing still. The European Union, China, and regional blocs across Asia and Africa are forging new trade agreements, shaping global standards without U.S. leadership at the table. As others write the rules of tomorrow's economy, America risks becoming a rule-taker, not a rule-maker. To reverse this drift, the business community must once again act as a strategic stakeholder; not just a special interest. CEOs must move beyond zero-sum thinking and reassert themselves as advocates of a coherent, forward-looking trade agenda. It means reengaging in Washington not simply to protect their own sectors, but to help shape a national strategy that benefits the full economy to include workers, consumers, and companies alike. Trade isn't just about exports and deficits. It's about values. It's about whether the U.S. will lead a world built on cooperation and fair competition, or retreat into fragmented, transactional relationships that benefit the few at the expense of the many. The real emergency in trade today isn't the deficit. It's the dangerous silence of the private sector. If U.S. businesses want a stable, predictable, and open global economy, they must help rebuild it. That begins with speaking out—not as isolated sectors, but as one business community, united by the shared understanding that long-term prosperity requires open markets, strong institutions, and principled leadership. It's not too late—but it's later than we think. Devry Boughner Vorwerk is CEO of DevryBVSustainable Strategies and former corporate vice president of global corporate affairs at Cargill and head of corporate affairs at Grubhub. She has more than 25 years of experience in international trade, including roles at the U.S. International Trade Commission, the Office of the U.S. Trade Representative, the World Bank, and Akin Gump. The views expressed in this article are the writer's own.
Business Insider
5 minutes ago
- Business Insider
Morgan Stanley sees the AI productivity boom adding $16 trillion to the stock market's value
AI could ultimately be a $16 trillion gift to the stock market. That's according to strategists at Morgan Stanley, who see the productivity gains and cost-cutting spree stemming from artificial intelligence adding as $13 to $16 trillion in value for the S&P 500. At the high end of Morgan Stanley's estimates, that implies the benchmark index adding another 29% to its market cap. The bank's predictions, which aren't tied to a concrete timeline, assume that AI's capabilities will continue to "improve rapidly" and that companies will adopt AI on a widespread level, strategists wrote in a note to clients over the weekend. On a year-to-year basis, that could add around $920 billion in net benefits for large-cap firms, largely due to companies reducing headcount, lowering costs, and helping generate new revenue. Agentic AI, or AI that can make decisions and act with less supervision than generative AI, could account for around $490 billion of that value, while embodied AI, or humanoid robots, could account for around $430 billion, the strategists estimated. Together, those forces could increase value for S&P 500 by more than 25% of adjusted pre-tax income, per Morgan Stanley's analysis. The bank added that value creation could be most pronounced for companies in sectors like consumer staples distribution, retail, real estate, and transportation. Over the long term, strategists estimated that value creation in all three of those sectors could be at least double what companies are expected to make in pre-tax income in 2026. According to the bank's AI mapping research, corporations are showing signs of "an inflection" when it comes to adopting artificial intelligence, the note added. "This degree of market value creation assumes full adoption, which will take place over many years, with time frame varying by company and industry," strategists wrote. "If AI capabilities continue to improve at a non-linear rate, the magnitude of value creation from AI adoption will rise above our already high estimates." Job market impact While the stock market could boom, AI-driven value creation could spell trouble for human workers, some of whom may need to upskill or change occupations, the bank said. Strategists estimated that AI adoption could impact around 90% of existing jobs, but create new roles, like "AI supply chain analyst" and " AI ethicist." "If history is any guide, AI could result in net job creation, though there could still be periods of displacement," the bank said, pointing to job displacement from prior technological revolutions, like the internet boom. "The ability of employees to be re-skilled will be important for how quickly they can be absorbed back into the labor force." Other forecasters have voiced more dystopian views on how AI could reshape the job market. In 2023, Goldman Sachs estimated that AI could automate around 300 million full-time jobs, with roles in the administrative and legal industries being most at-risk. Antropic's CEO, Dario Amodei, said he believes AI could eliminate half of entry-level white-collar jobs over the next five years, which he speculated could cause the unemployment rate to spike as high as 20%.
