S&P/TSX composite drops over 600 points as Trump declares Iran ceasefire over
Canada's main stock index fell 626 points Wednesday as President Trump announced military strikes on Iran. U.S. markets also fell and oil prices surged amid renewed tensions.
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Canada's main stock index fell sharply Wednesday as U.S. President Donald Trump announced an end to the Iran ceasefire and said the U.S. was preparing for renewed military strikes.
The S&P/TSX composite index was down 626.71 points at 34,645.88 in late-morning trading. In New York, the Dow Jones industrial average fell 776.20 points at 52,148.95. The S&P 500 was down 71.63 points at 7,432.22, while the Nasdaq composite fell 227.35 points at 25,591.34.
Trump said on the sidelines of a NATO summit in Ankara, Turkey, that the U.S. had hit targets in Iran overnight and was preparing for another night of strikes. The announcement sparked an immediate market reaction.
Oil prices moved higher in response. The August crude oil contract was up US$5.18 at US$75.62 per barrel. The August gold contract was down US$106.70 at US$4,050.70 an ounce.
The Canadian dollar traded for 70.53 cents US compared with 70.43 cents US on Tuesday.
The tentative ceasefire brokered in June between the U.S., Israel, and Iran had collapsed earlier this week when Iran fired on commercial ships in the Strait of Hormuz on Tuesday.
