Canada's main stock index rose on Monday investors drew comfort from a slowdown in coronavirus-related deaths and new cases in many parts of the world.
The TSX Composite Index remained in the stratosphere, ahead of Friday’s close by 454.42 points, or 3.5%, to move into Monday’s noon hour at 13,392.72.
The Canadian dollar gained 0.46 cents to 70.68 cents U.S.
The largest percentage gainers on the TSX were software company Lightspeed POS, which jumped $2.43, or 17.8%, to $16.10, and Brookfield Property Partners L.P., which rose $1.17, or 11.3%, to $11.50.
Chorus Aviation Inc, which provides services to the airline industry, fell 32 cents, or 12.6%, the most on the TSX, to $2.23, after the company suspended its dividend and announced a new $100-million revolving credit facility.
Shawcor Ltd crawled out from under the breakeven level, and had gained a penny by noon EDT to $1.96.
Death toll counts from the virus slowed across major European nations including France and Italy. U.S. President Donald Trump also said that his country was seeing a "leveling off" of the crisis. In Canada, the number of people killed by the coronavirus jumped by just over 20% to 258 in a day on Sunday.
ON BAYSTREET
The TSX Venture Exchange hiked 13.15 points, or 3.4%, to 397.09.
All 12 TSX subgroups remained positive into noon hour, with consumer discretionary stocks soaring 6.8%, gold better 4.5%, and utilities gaining 4%.
ON WALLSTREET
Stocks traded sharply higher Monday midday as investors appeared eager to focus on signs that the rapid spread of the COVID-19 disease is stabilizing in the U.S., which has emerged as the new epicenter of the pandemic.
The Dow Jones Industrials vaulted 1,026.07 points, or 4.9%, to 22,078.60.
The broader S&P 500 gained 119.46 points, or 4.8%, to 2,605.11.
The NASDAQ Composite leaped 346.75 points, or 4.7%, to 7,722.07.
Investors keyed on signs that the spread was slowing in New York City, the urban metropolis reporting the highest number of cases in the U.S. The latest data showed that the city saw its first decline in coronavirus fatalities, but analysts warned it’s unclear if this would represent a lasting trend.
A falling number of deaths in Spain and Italy also buoyed investors who have seen Europe as a proxy of how long it might take for the disease’s spread to abate in the U.S.
JP Morgan Chase & Co. shares rose 4.7% as CEO Jamie Dimon said in his annual letter to shareholders that the bank had sufficient capital to get through even the most adverse scenario, but conceded the bank’s 2020 earnings would be “meaningfully” lower.
Shares of Wayfair soared 38% after the online retailer said business had more than doubled due to the coronavirus outbreak.
3M Co. was in focus after the company said a news report alleging the U.S. had seized shipments of N95 respirators headed for Berlin were “inaccurate.” Shares were up 4.1%
Prices for the 10-Year U.S. Treasury sagged, lifting yields to 0.71% from Friday’s 0.62%. Treasury prices and yields move in opposite directions.
Oil prices dropped two dollars to $26.34 U.S. a barrel.
Gold prices tacked on $40.00 to $1,685.70 U.S. an ounce.
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