Canada, U.S. markets close higher, capping ‘topsy-turvy’ tariff week - National | Globalnews.ca (2025)

Canadian and U.S. stocks closed higher Friday, capping off a tumultuous week that saw nausea-inducing drops and intense spikes driven largely by tariff headlines out of the United States.

“It’s been a topsy-turvy day, like every day,” said Allan Small, senior investment adviser at the Allan Small Financial Group with iA Private Wealth.

“I don’t recall seeing markets this jittery, this jumpy.”

Canada’s main stock index closed up 572.93 points, or 2.5 per cent, to 23,587.80.

In New York, the Dow Jones industrial average closed up 619.05 points at 40,212.71. The S&P 500 index rose 95.31 points to 5,363.36, while the Nasdaq composite was up 337.14 points at 16,724.46.

The Canadian dollar traded for 71.99 cents US compared with 71.35 cents US on Thursday.

Small said there were positive nuggets of news by week’s end, such as better-than-expected U.S. inflation data, strong earnings reports from big American banks and comments from the U.S. Federal Reserve Bank of Boston’s president that the Fed could step in if issues around market functioning or liquidity arise.

But Small said investors are much more closely watching the machinations around U.S. tariffs.

“The economic data, corporate earnings data, just doesn’t hold a candle to politics,” he said.

“Even the slightest rumour or conversation, whether or not it actually happens, can move markets far more than any of the economic data you’re going to put in front of investors today.”

Markets soared earlier in the week after U.S. President Donald Trump said he would pause some of the “reciprocal” tariffs against global trading partners, though he kept the 10 per cent baseline levy in place. Markets reversed course a day later as the U.S. trade war with China ramped up.

Small is advising everyday investors not to get hung up on the day-to-day swings, and instead scope out buying opportunities for quality stocks.

“A lot of those big names, leaders in their industry and sectors, have dropped significantly — leaders in tech, leaders in banks, leaders really right across the board. No matter what sector, it seems as though everything is taking a hit. So it is a good time to buy for the future,” said Small.

“Don’t look day to day. The numbers you see on the screen or on your statement, obviously they’re real … But it doesn’t become reality until you sell … The reasons why they’re falling are skewing the real value of those shares.”

The May crude oil contract settled up US$1.43 to US$61.50 per barrel and the May natural gas contract was down three cents US at US$3.53 per mmBTU.

The June gold contract was up US$67.10 at US$3,244.60 an ounce and the May copper contract was up 19 cents US at US$4.52 a pound.