Canada's main stock index gained on Monday, the last trading day of 2018, boosted by energy stocks as oil prices rose on hints of progress on a possible Sino-U.S. trade deal.
The S&P/TSX Composite Index shot higher 100.86 points, to close 2018 at 14,322.86
The Canadian dollar was down 0.14 cents at 73.25 U.S.
The index has fallen 12% this year, snapping a two-year winning streak and is set to post its worst yearly decline since the financial crisis of 2008.
U.S. President Donald Trump said on Twitter that he had a "long and very good call" with Chinese President Xi Jinping and that a possible trade deal between the United States and China was progressing well.
Large crowds have flocked to Canada Goose's new outdoor wear store in downtown Beijing, its first in mainland China, since its opening on Friday, despite sub-freezing temperatures and a chill in bilateral ties.
Canada Goose shares dashed ahead $2.24, or 3.9%, to $59.30.
Aphria fell 73 cents, or 8.6%, to $7.79, the most on the TSX, pulling away further from Green Growth Brands Ltd's planned offer price of $11.
First Majestic Silver floundered for a while this morning, but found its way upward, 22 cents, or 2%, to $10.99.
ON BAYSTREET
The TSX Venture Exchange moved higher 5.11 points to 557.20
All but one of the 12 TSX subgroups gained on the last day of 2018, as information technology, materials and utilities were each better by 1.2%.
The lone holdout was in health-care, paler by 2.1%
ON WALLSTREET
Wall Street concluded a tumultuous 2018 on Monday as the major stock indexes posted their worst yearly performances since the financial crisis.
The Dow Jones Industrials Index leaped 265.06, or 1.2%, close out the year at 23,327.46
The S&P 500 gained 21.11 points to 2,506.85
The NASDAQ Composite advanced 50.76 points to 6,635.28,
After solid gains on Monday, the S&P 500 was off 6.2%, while the Dow was down 5.6%, for 2018.
Merck shares rose more than 1%, ending the year as the best-performing Dow component of 2018. Pfizer, the second best performer on the Dow this year, also climbed 1.6% on Monday. Netflix jumped 4.5% while Amazon rose 1% after the popular FAANG trade (Facebook, Amazon, Apple, Netflix and Alphabet) took a beating recently.
Both indexes logged in their biggest annual losses since 2008. The NASDAQ lost 3.9% in 2018, its worst year in a decade, when it dropped 40%
The S&P 500 and Dow fell for the first time in three years, while the NASDAQ snapped a six-year winning streak. 2018 was a year fraught with volatility, characterized by record highs and sharp reversals. This year also marks the first time ever the S&P 500 posts a decline after rising in the first three quarters.
For the quarter, the S&P 500 plunged 14% and NASDAQ dipped 17.5%, their worst quarterly performances since the fourth quarter of 2008. The Dow notched its worst period since the first quarter of 2009, falling nearly 12 percent.
A sizable chunk of those losses came in December. The indexes are all down at least 9.5% for the month. The Dow and S&P 500 were also on track to record their worst December performance since 1931.
Over the weekend, President Donald Trump said he had a :very good call" with Chinese President Xi Jinping to discuss trade. The president also claimed that “big progress” was being made on this front. Trump’s statements sparked gains in markets worldwide.
However, The Wall Street Journal reported that Trump may be overstating how much progress was being made. China and the U.S. agreed earlier this month to a 90-day grace period to try and work out their differences on trade.
Prices for the benchmark for the 10-year U.S. Treasury eked higher, lowering yields to 2.69% from Friday’s 2.72%. Treasury prices and yields move in opposite directions.
Oil prices regained 52 cents to $45.85 U.S. a barrel.
Gold prices moved higher $1.50 at $1,284.50 U.S. an ounce.
Related Stories
