Canada's main stock index opened higher on Monday, boosted by energy stocks which tracked higher oil prices and an improvement in China's factory data.
The S&P/TSX Composite Index acquired 58.39 points to open the day and the week at 16,602.87.
The Canadian dollar strengthened 28 cents to 74.97 cents U.S.
French transport infrastructure company Alstom said on Monday that it would take into account Bombardier's weak results earlier this month as it continues with plans to buy the Canadian company's rail business. Bombardier shares were unchanged at 42.5 cents.
BMO raised the price target on Waste Connections to $113.00 from $106.00. Waste Connections shares wilted $1.35, or 1%, to $135.10.
BMO raised the price target on Sun Life Financial to $61.00 from $56.00. Sun Life shares, well, rose 38 cents to $55.38.
ON BAYSTREET
The TSX Venture Exchange faded 2.13 points by Friday’s close to 739.98, still posting a weekly gain of 18.74 points, or 2.6%.
The 12 TSX subgroups were evenly divided, as energy and industrials each marched ahead 1.1%, while financials were richer by 0.9%.
The half-dozen laggards were anchored most by health-care, down 3.8%, information technology, off 2.3%, and gold, sliding 2%.
ON WALLSTREET
Stocks traded higher on Monday after President Donald Trump signed several executive orders aimed at extending coronavirus relief.
The Dow Jones Industrials barreled ahead 248.01 points to begin a new week at 27,681.49.
The S&P 500 faded 55.51 points to 3,357.42.
The NASDAQ dumped 57.33 points, to open Monday at 10,953.66.
Nike and Boeing were the best-performing stocks in the Dow, Nike rising 3.9% Boeing obtaining lift of 2.6%.
Bank stocks contributed to the early gains. JPMorgan Chase advanced more than 1% along with Citigroup, Wells Fargo and Bank of America. Energy and industrials rose 0.7% each to lead the S&P 500 higher.
Those orders continue the distribution of expanded unemployment benefits, defer student loan payments through 2020, extend a federal moratorium on evictions and provide a payroll tax holiday.
However, the unemployment benefit will be continued at a reduced rate of $400 per week. Originally, the benefit provided workers impacted by the pandemic with $600 per week.
Trump’s moves come after congressional leaders failed to make progress on a new coronavirus stimulus package last week. Several benefits from a package signed earlier in the year lapsed at the end of July, raising uncertainty about the U.S. economy moving forward.
Still, Trump’s orders face a legal challenge as continuing the programs would require federal funding, which Congress controls. Democrats have insisted they will not support a bill that does not extend the $600 per week benefit.
Investors also kept on eye on the worsening relationship between the U.S. and China. On Monday, China said it would apply sanctions against 11 U.S. citizens including senators Ted Cruz and Marco Rubio. The move is a retaliation against Washington’s sanctions on 11 Hong Kong and Chinese officials for curtailing political freedoms in the city.
Prices for the 10-Year Treasury were unchanged, keeping yields at Friday’s 0.56%.
Oil prices climbed 95 cents to $42.17 U.S. a barrel.
Gold prices leaped $31.50 to $2,059.50 U.S. an ounce.
