Canada Markets closed

Major North American indices mostly positive after Trump, Kim summit

Major North American indices mostly positive after Trump, Kim summit

Major North American indices mostly moved up as the U.S. President and North Korean leader ended their historic summit.

The S&P/TSX composite index gained 25.69 points to 16,288.98.

South of the border, markets were mixed but mostly flat.

In New York, the Dow Jones industrial average declined 1.58 points to 25,320.73. The S&P 500 index rose 4.85 points to 2,786.85 and the Nasdaq composite index moved up 43.87 points to 7,703.79. 

That movement came as Donald Trump and Kim Jong Un wrapped their meeting. The duo committed to work "toward complete denuclearization of the Korean Peninsula" and to "build a lasting and stable peace regime" there. Many of the details were left vague.

"I think the initial agreement is probably market positive, but the proof will ultimately be in the pudding," said Patrick Bernes, a portfolio manager for CIBC Asset Management.

The market is now focusing on a two-day meeting of the Federal Reserve that starts Wednesday. Investors expect the Fed to raise interest rates, but will also be watching for how many interest rates hikes are still expected in 2018, he said.

The Canadian dollar averaged 76.90 cents US, down 0.06 of a US cent.

The July crude contract gained 26 cents to US$66.36 per barrel and the July natural gas contract shed a penny to about US$2.94 per mmBTU.

The August gold contract fell US$3.80 to US$1,299.40 an ounce and the July copper contract retreated about a penny to roughly US$3.25 a pound.

— With files from the Associated Press

 

Follow @AleksSagan on Twitter

Aleksandra Sagan, The Canadian Press

Note to readers: This is a corrected story. An earlier version stated the Canadian dollar averaged 76.82 cents US.