Back-to-back down days on Bay Street as energy and pharmaceutical stocks weighed heavily. The TSX closed at 15,442, down 228 points.
Same story in New York as a flurry of late day trading pushed the Dow Jones 380 points lower to 25,029, amid losses in the energy and healthcare sectors and concerns about higher interest rates.
Make that five in a row for Canada’s big banks. National Bank of Canada reported a first-quarter profit of $550 million today, up 11 per cent and beating analyst’s expectations. CIBC, BMO, Scotia and Royal have all reported better than expected first quarters, with Toronto-Dominion set to release its numbers tomorrow.
Popular music streaming service Spotify is going public. It filed for a direct listing of up to $1 billion with the U.S. Securities and Exchange Commission today, making it the first major company to do it that way.
At presstime oil is down $1.47 to $61.54 U.S. per barrel, gold up 80 cents to $1319 U.S. an ounce, while the loonie is down a third of a cent to 77.92 cents U.S.