The Globe and Mail reports in its Thursday edition that the S&P/TSX Composite Index on Tuesday broke above 26,000 for the first time, as valuations continue to expand despite trade uncertainties. The Globe's Jennifer Dowty writes that resilience in the stock market may soon fade as the effects of tariffs take hold and economic conditions deteriorate. TD Bank chief economist Beata Caranci warns that Canada will enter a recession this year, calling for negative GDP growth in the second and third quarters. Ms. Caranci says: "We're very worried that we're going to be in a formal recession in the second and third quarters and that we can see perhaps another 100,000 jobs lost. We've already had over 70,000 lost in the private sector in two months. So, the concern for Canada is that negative sentiment has directly correlated to the hard data, so sentiment is manifesting quickly in the outcomes. In the U.S., you see very negative sentiment, but the economy is holding up quite reasonably, and in Canada, that's not the case." She adds: "The interest rates in Canada are low relative to what you see in other countries. ... It's not enough to stimulate demand because people are not comfortable to invest in this environment."