Stocks in Canada’s biggest centre rose on Monday and reached a three-week high, as gains in prices of commodities such as gold and silver boosted share prices of mining companies. Energy shares had a successful day, too.
The S&P/TSX Composite Index gathered 76.21 points to close Monday at 15,714.66
The Canadian dollar fell 0.16 cents to 78.9 cents U.S.
Energy stocks surged, as Enerplus Corporation climbed 24 cents, or 1.7%, to $14.73, Suncor Energy gained 51 cents, or 1.2%, to $44.11.
Industrial concerns like Bombardier acquired nine cents, or 2.1%, to $4.07, while West Fraser Timber surged $1.22, or 1.3%, to $93.27.
Gold miners shone Monday, as Barrick Gold added seven cents to $15.47, while Kinross Gold gained two cents to $4.57.
The lone lagging group was health-care, with Aphria Inc. retreating 95 cents, or 6.8% to $12.94, while Canopy Growth shed 57 cents, or 2%, to $27.32.
The TSX Venture Exchange stayed afloat 0.78 points to 826.87
All but one the 12 TSX subgroups remained positive on the day, with energy stronger by 1.1%, industrials better by 1%, and gold up 0.8%.
Only health-care missed the party, sliding 1.2%.
U.S. stocks closed sharply higher Monday, regaining more than half of their correction-level losses amid stabilization in interest rates.
The Dow Jones Industrials ballooned 399.28 points, or 1.6%, to close Monday at 25,709.27, with industrial titans Boeing and 3M contributing the most to the blue-chip index.
The S&P 500 added 32.3 points, or 1.2%, to 2,779.60, after strong performance in telecommunications, technology and financials stocks.
The Dow and S&P 500 have more than halved their correction losses. From the Dow and S&P's 52-week intraday highs, the indexes are down 3.4% and 3.3%respectively through Monday's close.
The NASDAQ Composite spiked 84.07 points, or 1.2%, to 7,421.46, thanks to a nearly 2% rally in Apple shares and a 2.8% gain in Intel.
Berkshire Hathaway Class B stock led financial stocks higher with a 3.9% gain after CEO Warren Buffett told investors that, should the company fail to find any market bargains, it will likely return cash to shareholders.
General Electric broke below $14.00 per share after naming three new directors to its board. The latest depreciation in shares prices comes after months of turbulent times for the original Dow member; new chief executive officer John Flannery has pledged to trim the company by exiting several businesses.
Investors will be waiting for news surrounding the National Rifle Association's relationship with leading businesses, with a growing list of companies choosing to end their partnerships following the mass shooting at a public high school in Florida.
In other data news, sales of new homes fell for a second straight month in January. The Commerce Department said on Monday that sales dropped 7.8%; economists had forecast new home sales up nearly 4%
The contraction in sales is being blamed largely on a shortage in houses as well as rising mortgage rates.
Prices for the benchmark 10-year Treasury note gained slight ground, lowering yields to 2.86% from Friday’s 2.87%. Treasury prices and yields move in opposite directions.
Oil prices recovered 45 cents a barrel to $64.00 U.S.
Gold prices enjoyed gains of $4.90 to $1,335.20 U.S. an ounce.