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Daily Markets Update: TSX Jumps 2.3%, Dow Surges 3% and Oil Sinks 8% After U.S. Midterms as Budget Day Arrives

  Wall Street, Bay Street and Europe all rallied on Wednesday after Democrats won control of both the U.S. House and Senate, while oil suffered its sharpest one-day drop in months on bets that the Iran war could wind down sooner. By Thursday morning, the story had split: Europe pushed to record highs, but an AI and chip selloff hit South Korea, Japan and Taiwan. And today is Budget Day in Ottawa. The Big Picture Market Close Change S&P/TSX Composite 36,341.40 +809.12 (+2.28%) Dow Jones 53,356.12 +1,569.40 (+3.03%) S&P 500 7,688.62 +119.70 (+1.58%) Nasdaq Composite 25,736.51 +364.50 (+1.44%) WTI crude (Dec.) US$88.12 -US$7.97 (-8.3%) Canadian dollar ≈71.6¢ US seven-week high Canada: TSX Posts Its Best Day in Months The S&P/TSX Composite closed Wednesday at 36,341.40, up 809.12 points or 2.28%, from Tuesday’s 35,532.28. The index is still about 2% below its 52-week high of 37,069.11, but the one-day move erased Tuesday’s losses and then some. The split under the surface w...
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Gas Prices in Ontario Surge to Highest Level Since August 2022

 

As the days grow warmer and people hit the roads for summer adventures, there’s one thing that’s not so hot: gas prices. Across Ontario, the price per litre of gasoline is expected to rise to approximately $1.79 this week, marking the highest gas price since August 2022. Here’s what’s fueling this surge:

  1. Carbon Tax Increase: The recent carbon tax hike is contributing to the rise in gas prices. As governments aim to reduce emissions, consumers are paying more at the pump.

  2. Geopolitical Tensions: Unrest in the Middle East has a ripple effect on oil prices. When tensions rise, so do the costs of crude oil, which directly impacts gas prices.

  3. Seasonal Fuel Blend Change: Semi-annually, the switch-over from winter to summer gasoline occurs. Summer blends are costlier due to chemical differences. While winter blends use butane for better ignition in cold weather, summer blends incorporate expensive alkylates to minimize environmental damage.

Energy analyst Dan McTeague predicts that gas prices will continue to climb throughout the summer, with the May 24 weekend marking the kickoff of high demand. Severe weather events and geopolitical factors also play a role in oil prices. However, McTeague suggests that consumers in the Greater Toronto Area explore nearby locations for slightly cheaper gas, as some stations have more competitive prices.

So, as you fill up your tank this summer, keep an eye on the rising numbers at the pump. And remember, while gas prices may be out of our control, our choices can still make a difference. 


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