By MarketsFarm
WINNIPEG, May 9 (MarketsFarm) – The Canadian dollar was weaker at Thursday’s close, as stock indexes and oil futures dropped across the board due to pessimism towards United States – China trade talks.
The Canadian dollar closed at US$.7417 or US$1=C$1.3483, up from Tuesday’s close of US$.7426 or US$1=C$1.3466.
The S&P/TSX Composite Index lost 75.65 points to close at 16,321.75.
The NASDAQ lost 32.73 at 7,910.59 points. Similarly, the Dow Jones lost 138.97 points to close at 25,828.36. The S&P 500 Index was down by 8.70 points, closing at 2,870.72 points.
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The S&P 500 declined for the fourth consecutive session, which is on track for its worst performance in 2019. The lows come as the U.S. and China attempt to hammer out a trade deal in Washington this week.
“When you think about just how much uncertainty there is on that front, the dip we’re seeing is really not that substantial,” said Mike Loewengart, vice president of investment strategy at E*TRADE Financial, to Bloomberg.
“To be sure things could get far worse, but if you look at the remarkable trajectory of the market so far this year, this week’s declines are a minor speed bump at this point.”
Oil futures were not immune to the ongoing trade dispute, as questions linger about future demand for energy. West Texas Intermediate lost 53 cents to hit US$61.59 per barrel, and Brent Crude oil lost 14 cents to hit US$70.23 per barrel.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients——-up $ 0.04 at $ 17.99
Buhler Industries————–unch at $ 3.61
Linamar Corp ——————dn $ 0.91 at $ 46.21
Maple Leaf Foods—————dn $ 0.34 at $ 32.85
Nutrien Ltd. ——————dn $ 1.54 at $ 68.05
Ritchie Bros Auctioneers Inc.–up $ 0.07 at $ 46.68
Rocky Mountain Dealership Inc.-dn $ 0.08 at $ 8.56
(All figures are in Canadian dollars.)
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