Canada's main stock index opened higher on Monday, aided by a fresh wave of trade optimism and rise in material stocks.
The TSX Composite Index gained 41.78 points to start the penultimate day before Christmas at 17,160.22
The Canadian dollar sank 0.15 cents to 75.92 cents U.S.
TD Securities raises price target on Aritzia to $22.00 from $21.00. Aritzia picked up 24 cents, or 1.3%, to $19.35.
BMO raised the price target on Pinnacle Renewable Energy to $10.25 from $9.00. Pinnacle added four cents to $9.90.
On the economic calendar, Statistics Canada reported that this country’s Gross Domestic Product edged down 0.1% in October, the first decline in eight months.
Goods-producing industries were down 0.5%, the second consecutive monthly decline. Services-producing industries were essentially unchanged as increases in most sectors compensated for declines in wholesale trade and retail trade.
ON BAYSTREET
The TSX Venture Exchange nosed up 1.29 points to 550.13
All but two of the 12 subgroups gained ground, with gold advancing 1.2%, materials, up 1%, and information technology, ahead 0.4%.
The two laggards were financials, sagging 0.1%, and industrials, inching back 0.02%.
ON WALLSTREET
Stocks climbed on Monday to start the holiday week after China said it will cut import tariffs on a wide range of goods.
The Dow Jones Industrials started a short week up 100.07 points to 28,555.16 – yet another all-time high.
The S&P 500 added 4.24 points to Friday’s all-time high, to 3,225.46. The benchmark is up 28.5% for 2019 through Friday, about one percentage point away from 2013's gain of 29.6%.
The NASDAQ sprang up 15.85 points to another all-time peak of 8,940.81
The U.S. stock market closes at 1 p.m. ET on Tuesday for Christmas Eve and is closed on Wednesday for Christmas. Thursday and Friday are regular trading days.
Shares of Boeing jumped more than 3% after the company fired CEO Dennis Muilenburg amid the 737 Max crisis.
Investors cheered the news from China overnight as the country announced starting January 1, it will lower import tariffs on over 850 products ranging from frozen pork to some types of semiconductors. China is making efforts to boost imports amid a slowing economy and a trade war with the U.S.
Prices for the 10-Year U.S. Treasury strengthened, lowering yields to 1.91% from Friday’s 1.92%. Treasury prices and yields move in opposite directions.
Oil prices slumped 22 cents to $60.22 U.S. a barrel.
Gold prices recovered $5.60 at $1,486.50 U.S. an ounce.
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