Canada, U.S. stock markets rise as oil prices ease amid hopes of diplomatic talks

The Bay Street financial district is shown next to the CN Tower in Toronto. THE CANADIAN PRESS/Nathan Denette

TORONTO — Canada’s main stock index rose while U.S. markets rallied to the edge of an all-time high as oil prices eased.

“Overall, these markets are resilient; they’re obviously looking past any of the nervousness,” said Allan Small, senior investment adviser at iA Private Wealth.  

“Anything we get from the standpoint of commentary regarding possible talks, trade talks, ceasefires, anything to do with the Middle East, anything to do with bringing down the price of oil, these markets take that news and run with it.”

The S&P/TSX composite index was up 223.12 points at 34,102.36.  

In New York, the Dow Jones industrial average was up 317.74 points at 48,535.99. The S&P 500 index was up 81.14 points at 6,967.38, while the Nasdaq composite was up 455.35 points at 23,639.08.  

Diplomats worked through back channels to arrange a new round of talks between the United States and Iran.

If talks succeed and the war ends up being only a temporary setback for the global economy, rather than a new normal of very high oil prices and inflation, investors can turn their attention back to what matters most for stock prices: How much money are companies making?

Positive trends there had stock markets worldwide doing well before the war began, and analysts see continued growth ahead, for now at least.

The May crude oil contract was down US$7.80 at US$91.28 per barrel. 

The price for a barrel of Brent crude to be delivered in June fell 4.6 per cent to settle at US$94.79 Tuesday.

Small said moves in oil prices have been inversely related to the stock market recently, with markets generally rising when oil prices fall. Going forward, he said that as long as oil prices don’t see significant spikes, he expects markets to continue to rise in anticipation of some sort of end to the war with Iran. 

Hope has often swung quickly into doubt since the war began, which has caused extreme and sudden reversals in financial markets. Much of the stress has been due to the Strait of Hormuz, a narrow waterway that’s the main avenue for crude oil produced in the Persian Gulf area to reach customers worldwide. Blockages there have kept oil off the global market, which has in turn driven up its price.

On Wall Street, strong profit reports from companies are helping to make up for such worries.

On the TSX, the technology sector helped drive the overall index higher. 

“When you look at a removal of the fear of the war disruption, everyone flocks to tech. Tech has been and looks to be the biggest growth driver for the markets coming up this earnings season,” Small said. 

The Canadian dollar traded for 72.69 cents US compared with 72.40 cents US on Monday. 

The June gold contract was up US$82.70 at US$4,850.10 an ounce. 

Daniel Johnson, The Canadian Press. With files from The Associated Press. 

This report by The Canadian Press was first published April 14, 2026.