S&P/TSX composite up in late-morning trading, loonie falls as U.S. tariffs loom

The TMX Market Centre is shown in Toronto, Wednesday, Sept. 11, 2024. THE CANADIAN PRESS/Paige Taylor White

TORONTO — The Canadian dollar fell to its lowest level against its U.S. counterpart since the early days of the pandemic as U.S. tariffs on Canadian goods loomed and Statistics Canada reported the economy contracted in November.

The Canadian dollar, which earlier dipped below 69 cents US, was going for 69.08 cents US in late-morning trading, compared with 69.38 cents US on Thursday.

The S&P/TSX composite index was up 52.98 points at 25,861.23.

In New York, the Dow Jones industrial average was up 18.97 points at 44,901.10. The S&P 500 index was up 43.96 points at 6,115.13, while the Nasdaq composite was up 254.92 points at 19,936.67.

The March crude oil contract was down a penny at US$72.72 per barrel and the March natural gas contract was up two cents at US$3.06 per mmBTU.

The April gold contract was up US$10.60 at US$2,855.80 an ounce and the March copper contract was down three cents at US$4.28 a pound.

This report by The Canadian Press was first published Jan. 31, 2025.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press