Markets in Toronto took their cue from their stateside neighbour Monday, and gained back much of what had been lost last week, primarily in gold and other precious metals.
The S&P/TSX Composite Index jumped 164.27 points, or 1%, to reach the closing bell at 16,161.33.
The Canadian dollar regained 0.33 cents at 74.85 cents U.S.
The lion’s share of the market strength came in the resources area, where Oceanagold climbed 23 cents, or 6.2%, to $3.92, while Seabridge Gold gained $1.48, or 5.8%, to $27.02.
Ero Copper charged ahead a dollar, or 6%, to $17.70, while First Majestic Silver muscled up $1.16, or 6.5%, to $18.98.
Health-care issues stood out, too, as Aphria exploded 82 cents, or 12%, to end the session at $7.68, while Bausch Health Companies took on $1.12, or 4.9%, to $24.00.
ON BAYSTREET
The TSX Venture Exchange gained 17.72 points, or 2.6%, to 709.11.
All 12 TSX subgroups were higher on the day, gold towering 4% over Friday’s close, while materials and health-care each sprinted 3.2%.
ON WALLSTREET
U.S. stocks rose on Monday with the major tech names outperforming as investors braced for a big week of corporate earnings and lawmakers continued coronavirus stimulus negotiations.
The Dow Jones Industrials leaped 114.88 points to close the session at 26,584.77.
The S&P 500 acquired 23.78 points to 3,239.41.
The NASDAQ shot higher 173.09 points, or 1.7%, to 10,536.27.
Apple climbed 2.3%. Amazon, advanced 1.5% after several analysts raised their price targets on the e-commerce giant. Other tech-related stocks, including Facebook, Netflix and Alphabet, also traded higher.
Market sentiment was also boosted after the U.S. government allocated an additional $472 million towards Moderna’s coronavirus vaccine research. The stock jumped 9.2%.
This week will be one of the busiest of the corporate earnings season. McDonald’s, Pfizer, Alphabet, Apple and AMD are among the companies slated to release their latest quarterly figures this week.
Through Monday morning, 130 S&P 500 companies had reported earnings, with 80% beating analyst expectations. However, overall S&P 500 earnings have fallen 40% from the year-earlier period as the coronavirus pandemic takes a big bite out of corporate profits.
Prices for the 10-Year Treasury fell back, raising yields back to 0.61% from Friday’s 0.58%. Treasury prices and yields move in opposite directions.
Oil prices gained 32 cents to $41.61 U.S. a barrel.
Gold prices leaped $35.20 to $1,932.70 U.S. an ounce.
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