Canada's main stock index rallied on Monday, tracking global markets relieved that all-night talks between Greece and euro-zone leaders resulted in a deal that would keep Athens afloat and part of the euro community.
Toronto’s S&P/TSX composite index hurtled skyward 150.59 points, or 1%, to greet noon at 14,561.66
The Canadian dollar dumped 0.63 cents at 78.35 cents U.S.
Three of the top five movers were financials, with Royal Bank of Canada up 0.7% to $77.10, and Bank of Nova Scotia advancing 1.2% to $64.31.
The always influential Valeant Pharmaceuticals International rose 2.9% to $303.11, and helped pull health-care up 2.2%.
Mining and oil and gas stocks were more mixed, driving the two heavily-weighted sectors to swing between positive and negative territory.
Shares of Enbridge Inc rose 1.9%to $58.77, while Crescent Point Energy shares fell 3.3% to $23.14.
Oil prices had tumbled as Iran talks moved closer to a deal that would end sanctions and let more Iranian oil onto world markets. Greece's news helped pare some of those losses, however.
Among materials names, gold miners like Barrick Gold Corp fell 2.2% to $12.54, while resource names like Agrium Inc added 2.3% to $134.00.
ON BAYSTREET
The TSX Venture Exchange added 3.13 points to 644.11
All but one of the 14 TSX subgroups moved higher, led by metals and mining, stronger by 3.6%, global base metals, up 2.7%, and health-care, up 2.2%.
The lone laggard was in energy, falling off 0.1%.
ON WALLSTREET
U.S. stocks rallied nearly 1% or more on Monday, following gains overseas, on news of a bailout agreement between Greece and its creditors.
The Dow Jones industrial average climbed 171.24 points, or nearly 1%, to 17,931.65, with DuPont and Microsoft leading most blue chips higher. The index recovered losses to trade about 0.7% higher for the year.
The S&P 500 picked up 17.01 points to 2,093.63, led by consumer discretionaries’ 1.2% gain to an all-time high.
The NASDAQ index jumped 46.53 points to 5,044.23, as Apple gained more than 1%.
Second-quarter earnings season gets underway with a slew of major reports on Tuesday that include JPMorgan Chase and Wells Fargo.
On the economic front, retail sales are due Tuesday morning. Federal Reserve chief Janet Yellen delivers her semi-annual testimony on the economy to Congress on Wednesday and Thursday.
European Council President Donald Tusk said early on Monday that euro-zone leaders reached a unanimous agreement with Greece after all-night talks in Brussels to move forward with a bailout loan for the cash-strapped nation, provided Athens implement tough reforms.
Prices for 10-year U.S. Treasuries dipped, raising yields to 2.43% from Friday’s 2.40%. Treasury prices and yields move in opposite directions.
Oil prices regained 16 cents a barrel to $52.90 U.S.
Gold prices subtracted $1.10 at $1,156.80 U.S. an ounce.
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