Stocks in Canada’s largest centre charged ahead to begin Monday, on a big recovery by energy issues.
The S&P/TSX composite index moved higher by 116.36 points to start the session at 14,789.94
The Canadian dollar gained 0.6 cents to 79.33 cents U.S.
Canaccord Genuity cut the price target on AutoCanada to $66.00 from $81.00. AutoCanada shares plowed ahead 72 cents, or 2.2%, to $33.10.
Barclays raised the price target on BCE Inc to $61.00 from $55.00. BCE shares took on 16 cents to $58.52.
TD Securities raised target price on Canadian Oil Sands Ltd to $8.50 from $8.00. Oil Sands shares prospered $1.12, or 14.2%, to $8.97.
ON BAYSTREET
The TSX Venture Exchange moved higher 9.70 points to 676.81
All but four of the 14 Toronto subgroups were higher, as energy marched ahead 2.2%, industrials gained 1.1%, and financials moved up 0.8%.
The four laggards were weighed mostly by gold, down 1.2%, information technology, off 0.5%, and health-care, sinking 0.3%.
ON WALLSTREET
U.S. stocks traded lower on Monday with investors weighing weaker-than-expected ISM figures.
The Dow Jones Industrials skidded 108.46 points to 17,056.49, with Home Depot leading decliners and Chevron and Exxon Mobile the greatest blue-chip gainers.
The S&P 500 lost 11.76 points to 1,983.23, with consumer discretionary leading five declining sectors and energy the greatest advancer.
The NASDAQ index fell 45.88 points to 4,589.36,
Exxon Mobil reported earnings that beat expectations but were lower than the year-ago quarter.
In all, 85 S&P 500-listed companies are posting quarterly results this week, along with three Dow components.
The ISM manufacturing index hit 53.5 in January, below expectations of 54.5.
U.S. consumer spending recorded its biggest decline since late 2009 in December, with households appearing to save the extra cash from cheaper gasoline, which could support future consumption.
Moreover, in a budget plan to be unveiled on Monday, U.S. President Barack Obama will call for a one-time, 14% tax on profits piled up abroad by multi-nationals, such as General Electric and Pfizer. He will also seek to impose a 19% tax on U.S. companies' future foreign earnings.
Prices for 10-year U.S. Treasuries soared, lowering yields to 1.70% from Friday’s 1.75%. Treasury prices and yields move in opposite directions.
Oil prices moved up 55 cents per barrel to $48.79 U.S.
Gold prices dwindled $9.30 an ounce to $1,269.90 U.S.
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