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Wall Street Ends October on a High as Amazon, Tech Giants Drive Market Rally

US stocks closed October with strong gains, capping off a winning month fueled by robust corporate earnings and optimism over easing interest rates. The Dow Jones Industrial Average rose 0.1% , the S&P 500 gained 0.3% , and the Nasdaq Composite advanced 0.6% , marking another month of steady growth across Wall Street’s major indexes. The standout performer was Amazon , whose shares surged nearly 10% to an all-time high after reporting third-quarter results that exceeded expectations. The company’s cloud division, Amazon Web Services, showed renewed momentum, easing investor concerns about slowing growth in the tech sector. This rally helped lift the broader technology space, with the Nasdaq notching its seventh consecutive monthly gain. Other members of the so-called “Magnificent Seven” also contributed to the upbeat sentiment, as investors embraced signs that Big Tech’s heavy investments in artificial intelligence and infrastructure are beginning to pay off. The S&P 500 an...

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Trump's Tariff Man: What Howard Lutnick's Appointment Means for Canada

 

President-elect Donald Trump has appointed Howard Lutnick, a Wall Street heavyweight and co-leader of Trump's transition team, as his Secretary of Commerce and the point man for his tariff and trade agenda. Lutnick's appointment signals a significant shift in U.S. trade policy, with potential major implications for Canada.

Lutnick has publicly shared his views on tariffs, emphasizing that they will not be applied indiscriminately. Instead, he envisions tariffs serving two main purposes: influencing specific industries and acting as a negotiating tool to lower trade barriers with other countries. This approach aims to create a more level playing field for American businesses, particularly in the automotive sector, where Lutnick has highlighted the need for fairer competition with European and Japanese manufacturers.

For Canada, the impact of Trump's tariff plan could be substantial. Estimates suggest that the tariffs could cost Canada's economy anywhere from a half-per cent to five per cent of GDP, depending on their design and implementation. The energy sector, a major Canadian export to the U.S., might see less impact, but the automotive industry could face significant challenges.

As Lutnick takes on his new role, Canadian officials and businesses will be closely monitoring the developments to understand how these changes will affect cross-border trade and the broader economic relationship between the two countries.

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