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Stocks surge on Wall Street following worst day since 2008 – Business News – Castanet.net

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U.S. stocks, oil and other financial markets around the world clawed back some of their historic plunge from a day before on hopes that the U.S. and other governments around the world will pump in more aid for the virus-weakened global economy.

Investors welcomed Tuesday’s reprieve, but weren’t pretending this is the end to the market’s plunges, which took the S&P 500 on Monday to its worst day since the 2008 financial crisis. Stocks have had jumps even bigger than this in the past couple weeks, only for the bottom to give out again.

Nonetheless, hope was rising that the big, co-ordinated effort from authorities around the world that markets have been waiting for may be on the way. President Donald Trump says his administration will ask Congress for payroll tax relief and other quick measures to help protect from the spread of COVID-19, which has pushed airlines to cancel flights and prodded Italy to lock down the entire country.

Canada’s main stock index was up 400 points in early trading Tuesday, a day after the Toronto Stock Exchange posted its biggest one-day loss since 1987, triggered by a collapse in oil prices.

The S&P/TSX composite index was up 439.85 points at 14,954.09 at one point, off the day’s high.

In Japan, a task force set up by the prime minister on Tuesday approved a 430 billion yen ($4.1 billion) package with support for small to medium-sized businesses.

Perhaps the most notable market move Tuesday was that Treasury yields also pushed higher in a sign that fear has receded a bit, though they remain far below where they were even a week ago.

The 10-year Treasury yield rose to 0.65% from 0.49% late Monday. A week ago, it had never been below 1%.

The S&P 500 was up 2.5%, as of 9:52 a.m. Eastern time. It recovered about a third of its loss from the day before.

The Dow Jones Industrial Average rose 658 points, or 2.8%, to 24,513, and the Nasdaq composite was up 2.6%.

Brent crude, the international standard, rose $2.96, or 8.6%, to $37.32 per barrel, while benchmark U.S. crude rose $2.53 to $33.66. Oil prices plunged 25% on Monday amid a price war between producers, who are pulling more oil out of the ground even though demand is falling due to the virus.

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

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TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

The Canadian Press. All rights reserved.

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

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ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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Thomson Reuters reports Q3 profit down from year ago as revenue rises

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TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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