Canada will cut its permanent immigration levels by at least 20 per cent
Canada will lower the number of permanent immigrants it allows into the country by at least 20 per cent from its previous target of 500,000, 愛污传媒 confirmed Wednesday.
Stocks are closing lower Tuesday afternoon after the long holiday weekend, adding to the market's recent losses as Wall Street counts down its final days of a painful year for investors.
A slide in technology companies, automakers and airlines weighed on the market, offsetting gains in energy stocks and other sectors. News that China lifted some of its COVID-19 restrictions helped lift stocks in the early going. The S&P 500 index fell 0.4%, the Dow Jones Industrial Average inched 0.1% higher and the technology-heavy Nasdaq composite lost 1.4%.
Stocks were mostly lower Tuesday afternoon after the long holiday weekend, adding to the market's recent losses as Wall Street counts down its final days of a painful year for investors.
The S&P 500 was down 0.2% as of 3:39 p.m. Eastern, while the Nasdaq composite was down 1.1%. Both indexes are coming off their third straight weekly loss. The Dow Jones Industrial Average rose 88 points, or 0.3%, to 33,292.
Technology stocks, automakers and communication services companies accounted for a big share of the decliners in the S&P 500. Apple fell 1.1%, Ford slid 1.2% and Netflix was off 3.1%.
Airlines stocks were broadly lower after a massive winter storm caused widespread delays and forced several carriers to cancel flights over the weekend. Delta Air Lines fell 1.1%, American Airlines dropped 1.6% and JetBlue was 1.5% lower.
Southwest Airlines slid 6.5% after the company had to cancel roughly two-thirds of its flights over the last couple of days, which it blamed on problems related to staffing and weather. The federal government said it would investigate why the company lagged so far behind other carriers.
Energy stocks were the biggest gainers among S&P 500 companies. Hess added 1.1%.
Treasury yields mostly rose as the U.S. bond market reopened. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.85% from 3.75% late Friday.
Trading on Wall Street is expected to be relatively light this holiday-shortened week as investors look ahead to 2023 after a dismal year for stocks.
Uncertainty about how far the Federal Reserve and other central banks would go to fight the highest inflation in decades has kept investors on edge. The Fed raised its key interest rate seven times this year and has signalled more hikes to come in 2023, even though the pace of price increases has been easing.
The high rates, which weigh heavily on prices for stocks and other investments, have fueled concerns that the economy could slow too much and slip into a recession next year.
The benchmark S&P 500 index set an all-time high at the beginning of January, but is now down nearly 20% for the year. The tech-heavy Nasdaq is down nearly 34%.
Elsewhere around the world, shares mostly rose Tuesday after China announced it would relax more of its pandemic restrictions despite widespread outbreaks of COVID-19 that are straining its medical systems and disrupting business.
China's National Health Commission said Monday that passengers arriving from abroad will no longer have to observe a quarantine, starting Jan. 8. They will still need a negative virus test within 48 hours of their departure and to wear masks on their flights.
But it was the latest step toward dropping once-strict virus-control measures that have severely limited travel to and from the world's No. 2 economy.
"With economic activity floundering, and multinationals questioning the viability of China as a sourcing location, policymakers have -- as so many times in the past -- adopted a very business-like approach," Stephen Innes of SPI Asset Management said in a commentary.
Companies welcomed the move as an important step toward reviving slumping business activity.
China has joined other countries in treating cases instead of trying to stamp out infections. It has dropped or eased rules on testing, quarantines and movement, trying to reverse an economic slump. But the shift has flooded hospitals with feverish, wheezing patients, and authorities are going door to door and paying people older than 60 to get vaccinated against COVID-19.
The Shanghai Composite index jumped 1% to 3,096.57. Hong Kong's markets were closed for a holiday, as were those in Australia.
Canada will lower the number of permanent immigrants it allows into the country by at least 20 per cent from its previous target of 500,000, 愛污传媒 confirmed Wednesday.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
A memorial is growing outside a Walmart in Halifax after a 19-year-old employee was found dead inside an oven in the store Saturday night.
Prime Minister Justin Trudeau says the Liberal party is 'strong and united,' despite efforts from within his caucus to oust him as leader.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
A search has started at Prairie Green Landfill for the remains of two victims of a serial killer.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
Canada's discount airline is suspending operations to and from Saskatoon.
A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.
A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.
A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.
A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.
Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
Looking for a scare with good intentions this Halloween season? The ghosts and ghouls of Eganville, Ont. invite families to tour the Haunted Walk at Lekbor Manor.
The image of a sleepy Saskatchewan small town with 'not a lot going on' is a well-known anecdote. However, one Saskatchewan company is hoping to change that 鈥 and allow communities both on and off the beaten path to share their stories and advertise what they have to offer.