Forex
Markets Rally on Hopes for Hormuz Reopening Deal
Markets in Canada and the United States surged on Thursday as investors await a potential deal to reopen the Strait of Hormuz. U.S. President Donald Trump said that an agreement could come as early as Wednesday, which would ease pressure on the global economy.
The S&P/TSX composite index jumped 480.44 points to 36,282.03, while the Dow Jones industrial average rose by 593.27 points to 54,679.15.
The Canadian dollar strengthened to 71.33 cents US, up from 71.08 cents US on Tuesday. Crude oil prices declined, with the September contract falling 61 cents US to $75.16 per barrel.