Canadian, U.S. markets plunge for third day

Canadian Press

Published Apr 07, 2025 • Last updated Apr 07, 2025 • 1 minute read

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top centre, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 7, 2025. Photo by Ahn Young-joon /AP

TORONTO — Canadian and U.S. stock markets are sinking for a third straight day as U.S. President Trump’s tariffs stir global recession fears.

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The S&P/TSX composite index was trading down 825.74 points or 3.56 per cent at 23,367.73.

In New York, the Dow Jones industrial average was down 1,402.98 points or 3.66 per cent at 36,911.88. The S&P 500 was down 198.85 points or 3.92 per cent at 4,875.23, while the Nasdaq was down 722.89 points or 4.64 per cent at 14,864.89.

The Canadian dollar was trading for 70.14 cents US compared with 70.34 cents Friday.

Stock markets started selling off last Thursday after Trump unveiled steep tariffs after markets closed on Wednesday that are expected to cause havoc on global trade.

Trump said on the weekend he didn’t want global markets to fall, but added that he wasn’t concerned about the massive sell-offs.

He said: “sometimes you have to take medicine to fix something.”

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