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TORONTO — Canada’s main stock index closed up along with U.S. markets Tuesday as investors saw reason for optimism on the trade front.
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The S&P/TSX composite index was trading down earlier in the day and U.S. markets were mixed, but that shifted as U.S. Commerce Secretary Howard Lutnick said the country had reached a trade deal, while U.S. President Donald Trump was expected to soften the tariff hit to the auto sector.
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“I think generally in the U.S. we are getting a little bit of better tone and sentiment around trade,” said Mona Mahajan, head of investment strategy at Edward Jones.
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“It does feel like progress on trade is moving in the right direction. There’s a cool-down in the temperature as well, not only on trade, but around central bank independence and Fed independence in particular.”
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The Canadian election being over is also a help, she said.
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“Not a huge surprise to see Carney emerge as the victor here, but perhaps a bit of a sigh of relief to have one source of uncertainty behind in terms of elections being over,” said Mahajan.
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“And perhaps looking forward to some fiscal spending and stimulus coming from the new Canadian administration as well.”
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While there are still some ballots being counted, Monday’s election looks to have left Prime Minister Mark Carney just a few seats shy of a majority government.
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The S&P/TSX composite index up 75.89 points at 24,874.48.
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In New York, the Dow Jones industrial average closed up 300.03 points at 40,527.62. The S&P 500 index was up 32.08 points at 5,560.83, while the Nasdaq composite was up 95.19 points at 17,461.32.
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U.S. markets have also been recovering as corporate America’s quarterly results come in better than expected. About 43 per cent of S&P 500 companies have reported Q1 results so far and of those, 75 per cent have reported a positive surprise in earnings, said Mahajan.
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“That’s above recent historical averages.”
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The Canadian dollar traded for 72.22 cents US compared with 72.20 cents US on Monday.
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The June crude oil contract was down US$1.63 at US$60.42 per barrel and the June natural gas contract was up six cents US at US$3.39 per mmBTU.
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The June gold contract was down US$14.10 at US$3,333.60 an ounce and the July copper contract was down two cents at US$4.87 a pound.
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This report by The Canadian Press was first published April 29, 2025.
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Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
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