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TSX down amid oil rout while Wall Street inches up in early trading

Click to play video: 'Coronavirus outbreak: Trudeau ‘very concerned’ with OPEC’s decision' Coronavirus outbreak: Trudeau ‘very concerned’ with OPEC’s decision
Prime Minister Justin Trudeau said on Saturday that he was "Very concerned" about OPEC's decisions recently but would remain focused on trying to help Canadians impacted by the COVID-19 pandemic including those in the oil sector. Trudeau would say if he would take more aggressive actions with Saudi Arabia. – Mar 28, 2020

Canada’s main stock index was down in early trading on Monday as the price of oil slid to its lowest level since 2002. In the U.S.. however, stocks opened higher on Monday as President Donald Trump followed last week’s massive fiscal stimulus by extending his stay-at-home guidelines, leaving investors guessing at their economic impact.

READ MORE: Oil price plunges to 2002 lows amid global coronavirus shutdown

In Toronto, Canada’s benchmark S&P/TSX composite index was down 56.86 points at 12,630.88.

In New York, the Dow Jones Industrial Average rose 41.44 points, or 0.19 per cent, at the open to 21,678.22.

Click to play video: 'Coronavirus outbreak: Kenney calls for coordinated tariffs with U.S. in response to ‘predatory dumping’ of Saudi oil' Coronavirus outbreak: Kenney calls for coordinated tariffs with U.S. in response to ‘predatory dumping’ of Saudi oil
Coronavirus outbreak: Kenney calls for coordinated tariffs with U.S. in response to ‘predatory dumping’ of Saudi oil – Mar 28, 2020

The S&P 500 opened higher by 17.51 points, or 0.69 per cent, at 2,558.98. The Nasdaq Composite gained 81.08 points, or 1.08 per cent, to 7,583.46 at the opening bell.

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On the currency market, the Canadian dollar traded for 70.57 cents US compared with an average of 71.14 cents US on Friday.

The May crude contract was down US$1.37 at US$20.14 per barrel and the May natural gas contract was down 2.3 cents at US$1.65 mmBTU.

The June gold contract was down US$10.80 at US$1,643.30 an ounce and the May copper contract was down 0.65 of a cent at US$2.17 a pound

— With files from the Canadian Press

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