Stocks picked up in Toronto Monday, after rumblings in the gold and materials sector influenced much of the market in Canada's largest centre.
The S&P/TSX Composite Index jumped 127.25 points to open Monday and the week at 16,641.86
The Canadian dollar recovered 0.27 cents to 75.72 cents U.S.
Huawei Technologies Chief Financial Officer Meng Wanzhou and her lawyers are set to attend hearings in a Canadian courtroom
via telephone on Monday, arguing for the federal attorney general to release more confidential documents relating to her arrest.
Scotiabank raised the price target on Pan American Silver to $37 from $30. Pan American shares sprang up 89 cents, or 2%, to $45.36.
BMO raised the price target on units of Summit Industrial Income REIT to $13.75 from $11.75. Summit units nicked up eight cents to $12.14.
On the macroeconomic front, Statistics Canada reports foreign investors reduced their holdings of Canadian securities by $13.5 billion in June as they divested in both debt and equity securities.
Meanwhile, Canadian investment in foreign securities reached $10.6 billion, led by acquisitions of U.S. equities.
ON BAYSTREET
The TSX Venture Exchange recovered 9.39 points, or 1.3%, to 747.04.
Seven of the 12 TSX subgroups were positive in the first hour, with gold shining 4.7% brighter, materials stronger by 4.3%, and information technology clicking 1% higher.
The five laggards were weighed most by communications, shedding 0.4%, health-care, doffing 0.3%, and energy, sliding 0.1%.
ON WALLSTREET
Stocks rose slightly on Monday as Wall Street tried to build on last week’s gain and the S&P 500 attempted to break its Feb. 19 record high.
The Dow Jones Industrials lost 87.22 points to begin Monday at 27,843.80.
The S&P 500 regrouped 8.19 points to 3,381.04.
The NASDAQ regained 85.03 points to 11,104.33.
Shares of Facebook, Amazon, Apple Alphabet and Microsoft all rose at least 0.5% to least the Nasdaq higher. The S&P 500 materials sector rose 1% as miners Newmont and Freeport-McMoRan each gained more than 3%. Those gains came after Barrick Gold shot up nearly 10% following Berkshire Hathaway disclosing a stake in the company.
Both Democrats and Republicans have indicated they are at a stalemate over a new stimulus package. Democrats have proposed to send more than $900 billion to states and municipalities in one bill. A counteroffer from the GOP did not include any additional aid for states and local governments.
On Friday, President Donald Trump tweeted: “I am ready to send more money to States and Local governments to save jobs for Police, Fire Fighters, First Responders, and Teachers. DEMOCRATS ARE HOLDING THIS UP!”
House Speaker Nancy Pelosi said on Sunday she would call the House back into session to address funding for the U.S. Postal Service, a key issue in the stimulus negotiations.
On the U.S.-China front, Trump issued an executive order on Friday forcing ByteDance to sell or spin off its U.S. TikTok business in 90 days. Trump cited "credible evidence" that ByteDance "might take action that threatens to impair the national security of the United States."
Prices for the 10-Year Treasury gained slightly, lowering yields to 0.69% from Friday’s 0.71%. Treasury prices and yields move in opposite directions
Oil prices zoomed 45 cents at $42.46 U.S. a barrel.
Gold prices moved sharply higher, 32.60 points, to $1,982.40 U.S. an ounce.
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