Pursuits
Nasdaq Composite Tops 6,000, Tariff Sinks Loonie: Markets Wrap
- Caterpillar, McDonald’s corporate results boost Dow average
- Canada dollar retreats after Trump tariff on lumber imports
Trump Rally Shows Signs of Life
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The Nasdaq Composite Index surged past 6,000 for the first time as corporate results and the promise of Trump administration tax reform boosted risk appetite. A fresh American tariff on Canadian lumber sent the loonie and Mexican peso lower.
The Dow Jones Industrial Average jumped more then 200 points as Caterpillar Inc. surged 8 percent and McDonald’s Corp. rose 5 percent after reporting results. The S&P 500 Index closed near a record, with materials producers rallying with industrial metals. Stocks in Europe rose to a 20-month high. The yen fell with Treasuries and gold. The Canadian dollar tumbled after Donald Trump slapped a 24 percent tariff on imported softwood lumber.