Energy stocks led Canada's main stock index lower on Monday as oil prices plunged on heightened fear
The TSX Composite Index recovered by noon EDT 147.87 points, or 1.2%, to 12,835.61.
The Canadian dollar toppled 0.47 cents at 70.59 cents U.S.
The largest percentage gainers on the TSX were shares of gold miners with NovaGold Resources rising 47 cents, or 4.3%, to $11.30, and Kinross Gold adding 17 cents, or 2.9%, to $6.06.
Hexo Corp fell 28 cents, or 18.3%, the most on the TSX, to $1.25, after the company posted second-quarter results.
ON BAYSTREET
The TSX Venture Exchange edged lower 0.19 points to 388.39.
All but three of the 12 TSX subgroups gained ground, with energy sprinting 7.4%, information technology, ahead 3.3%, and gold, advancing 2.2%.
The three laggards were real-estate, fading 2.3%, consumer staples, off 1.1%, and health-care, sliding 1%.
ON WALLSTREET
Stocks rose on Monday stateside, building on a strong rally from last week as the U.S. extends measures to contain the coronavirus outbreak.
The Dow Jones Industrials powered ahead 410.08 points, or 1.9%, to 22,046.86.
The broader S&P 500 regained 55.44 points, or 2.2%, to 2,596.87
The NASDAQ climbed 186.86 points, or 2.5%, to 7,689.24. Tech stocks such as Microsoft, Alphabet and Amazon led the way higher for Wall Street. Microsoft jumped more than 5% while Alphabet took on 2.6%, and Amazon climbed 3.6%.
President Donald Trump said at a news conference Sunday the national social distancing guidelines have been extended to April 30, adding the death rate from the virus would peak in two weeks. These measures, while they may cause a sharp economic disruption in the near term, are seen by some investors as preventing long-term damage to the economy.
Sentiment was also lifted after Johnson & Johnson said it identified a lead vaccine candidate for the coronavirus. The company noted that human testing on the potential vaccine will begin in September. J&J shares climbed 7.6%.
Data compiled by Johns Hopkins University shows more than 713,000 coronavirus cases have been confirmed globally. The U.S. overtook Italy and China last week as the country with the most cases with over 136,000. Nearly half of all U.S. cases come from New York, where more than 59,000 people have been infected.
Prices for the 10-Year U.S. Treasury gained sharply, causing yields to go south to 0.64% from Friday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices dipped $1.28 to $20.23 U.S. a barrel.
Gold prices ditched $12.80 to $1,641.30 U.S. an ounce.
