AFTER THE BELL: Troubles in Turkey drive North American markets downward
A Trump tweet sent North American markets reeling today.
The US president wrote that he is doubling tariffs on steel and aluminum with respect to Turkey.
This sent investors scrambling as the Turkish lira sunk to a low not seen since Turkey’s financial crisis of 2001.
After a triple digit gain on Thursday, the TSX fell 90 points today to 16,326, with eight of 11 major sectors dipping into the red.
On Wall Street, the Dow dropped 196 points while the Nasdaq saw its eight-day win streak broken after finishing 52 points lower.
The loonie was down 42/100ths a cent, slipping to a two-week low of 76.20 cents US, while gold finished 80 cents lower at $1,212 an ounce.
Oil rose 92 cents to $67.73 US a barrel, fueled by reports of rising global crude demand.
There was good news on the national job front today.
StatsCan reported today that employment rose by 54,100 in July, driven by gains in part-time work.
Canada’s unemployment rate dropped 0.2 percentage points to a four-decade low of 5.8-percent.