Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
North American stock markets staged a late-afternoon rally after plunging in early trading on fears about central bank moves and geopolitical risks in Ukraine along with a shaky start to the earnings season.
The S&P/TSX composite index ended the trading day down 50.09 points at 20,571.30 after dropping more than 700 points at midday.
At its lowest point Monday, the Toronto market was 7.6 per cent off its high to mark the worst dropoff since the start of the pandemic.
The situation in the United States was even more dire as all three markets moved into correction territory in early trading by falling at least 10 per cent below their recent highs. The tech-heavy Nasdaq composite was down as much 19.2 per cent while the S&P 500 was off 12.4 per cent.
However, all three U.S. markets rebounded and ended the day higher. The Dow Jones industrial average closed up 99.13 points at 34,364.50. The S&P 500 index added 12.19 points at 4,410.13, while the Nasdaq composite was up 86.21 points at 13,855.13.
Before the late recovery, Edward Jones investment strategist Angelo Kourkafas described the day as a "flash out."
"We have seen pretty indiscriminate selling and some panic which usually that's the type of conditions that mark the near term bottom or support. We'll see if that plays out," he said in an interview.
Investment sentiment has soured in recent months in anticipation of a shift in central bank policy toward monetary tightening and interest rate hikes to address inflation after using stimulus to tackle the effects of the COVID-19 pandemic.
The U.S. Federal Reserve and Bank of Canada are expected to outline their paths forward on Wednesday.
The early catalyst Monday was geopolitical uncertainty after the U.S. State Department ordered families of American personnel at the U.S. embassy in Ukraine to leave the country.
While fourth-quarter earnings have so far in aggregate beat expectations, concerns about margins and outlooks, first by U.S. banks, introduced some caution that profitability will be hurt by labour and other expenses, Kourkafas said.
All 11 major sectors on the TSX were down most of the day, but technology, consumer staples, consumer discretionary and health care ended Monday positive.
Technology climbed 1.8 per cent as Shopify Inc. ended up seven per cent after losing as much as 10.8 per cent earlier in the day. Even with the gain Monday, the Ottawa-based e-commerce company is down nearly 32 per cent so far in 2022 and 47 per off its high.
Energy was the biggest laggard, dropping 1.5 per cent as crude oil prices fell. Shares of Tourmaline Oil Corp. and Suncor Energy Inc. lost 4.0 and 2.6 per cent, respectively.
The March crude oil contract was down US$1.83 at US$83.31 per barrel and the March natural gas contract was up 9.3 cents at US$3.88 per mmBTU.
Some investors probably took some profits after oil prices had surged over several weeks and were up 70 per cent in one year, Kourkafas said.
The Canadian dollar traded for 79.01 cents US compared with 79.71 cents US on Friday.
Materials fell 0.8 per cent even though gold prices rose as a safe haven amid high inflation and geopolitical uncertainty.
The February gold contract was up US$9.90 at US$1,841.70 an ounce and the March copper contract dropped 11.2 cents to US$4.41 a pound.
This report by The Canadian Press was first published Jan. 24, 2022.
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.