Canadian and U.S. stocks surge higher Monday on latest tariff headlines

Photo: The Canadian Press

The Bay Street Financial District is shown with the Canadian flag in Toronto on Friday, August 5, 2022.THE CANADIAN PRESS/Nathan Denette

Stock markets in Canada and the U.S. rallied to start the week after reports that a new round of U.S. tariffs scheduled to take effect on April 2 might be narrower than first expected.

The S&P/TSX composite index closed up 335.62 at 25,304.11.

In New York, the Dow Jones industrial average was up 597.97 points at 42,583.32. The S&P 500 index was up 100.01 points at 5,767.57, while the Nasdaq composite was up 404.54 points at 18,188.59.

The Canadian dollar traded for 69.84 cents US compared with 69.70 cents US on Friday.

The May crude oil contract was up 83 cents US at US$69.11 per barrel and the May natural gas contract was down seven cents at US$3.95 per mmBTU.

The April gold contract was down US$5.80 at US$3,015.60 an ounce and the May copper contract was down two cents at US$5.09 a pound.