WATCH ABOVE: It was another stomach-turning day for investors as North American market appeared to be bouncing back from Monday’s deep losses but saw those gains erased by closing bell. Jackson Proskow reports.
TORONTO – Turnaround Tuesday ended with a thud. And then some.
The Toronto Stock Exchange ended the trading day only 98 points, or 0.75 per cent higher, while the Dow Jones industrial average in New York erased a big jump to start the day with a plunge late.
Stocks surged early in the day, rebounding from a big sell-off on Monday after the Chinese central bank said it was cutting interest rates to shore up its economy.
The TSX/S&P composite index was ahead 287.02 points at 13,339.76 in mid-afternoon trading, after falling more than 420 points on Monday. Optimism faded in the final hour or so of trading, though, with the index retreating to settle for a much more modest gain.
In New York, the Dow surged out of the gates on Tuesday after falling sharply in the previous session, as well. The benchmark U.S. index was up 240.12 points at 16,111.40 after plunging 588 points Monday.
Trading sentiment took a sudden turn for the worse in the late afternoon, with Dow-listed shares diving to finish 204 points lower.
WATCH: The market was on track for a recovery – but lost all of its gains before the closing bell. Marlie Hall reports.
Tim Caulfield, director of equity research at Franklin Bissett Investment Management, said Canadians have reason to be hopeful after the pounding the Toronto market has taken since the price of oil began sliding.
“A lot of the bad news is being priced into the market so when we look forward we become more optimistic about future return potential,” he said.
WATCH: Cindy Pom gets advice from a portfolio manager on how you can benefit when markets are low and whether there will be any more market mayhem in the near future.
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