Canada's main stock index reversed course to trade higher on Monday, boosted by technology and health-care stocks, although the benchmark index was set for its worst month since September.
The S&P/TSX Composite jumped 189.7 points to begin the day and the week at 20,757.51.
The Canadian dollar edged up 0.07 cents at 78.44 cents U.S.
The health-care sector gained with pot producer Canopy Growth galloping 80 cents, or 8.6%, to $10.08, while rival Tilray Brands advanced 54 cents, or 7.8%, to $7.50.
Techs also flourished, with Lightspeed Commerce towering $3.94, or 10.7%, to $40.84, while Hut 8 Mining triumphed 56 cents, or 8%, to $7.60.
Communications took a thumping, however, with Rogers down 73 cents, or 1.1%, to $64.41, while TELUS dropped 11 cents to $29.78.
On the economic front, Statistics Canada’s industrial product price index rose 0.7% on a monthly basis in December and was 16.1% higher than in December 2020, while its raw materials price index fell 2.9% on a monthly basis in December, but posted a 29.0% year-over-year increase.
Canada will temporarily withdraw non-essential Canadian employees and remaining dependents from its embassy in Ukraine, amid an international standoff over Russian troops massed on the country's borders.
ON BAYSTREET
The TSX Venture Exchange added 10.35 points to 848.68 midday.
All but two of the 12 TSX subgroups were back in the green by noon hour with health-care soaring 4.6%, information technology up 3.9%, and consumer discretionary stocks up 1.4%,
The two laggards were communications, down 0.2%, and energy, off 0.03%.
ON WALLSTREET
Stocks were higher on Monday as traders wrapped up what has been a whirlwind of a month.
The Dow Jones Industrials recovered 108.85 points by noon hour EST Monday at 34,834.32.
The S&P 500 picked up 44.04 points, 1%, to 4,475.89, but is still on pace for its worst month since October 2020.
The NASDAQ popped 317.17 points, or 2.3%, to 14,087.75.
Tech shares have led month-long declines in the market as investors began adjusting to a Fed rate hike and tightening cycle. They bounced on Monday as investors continued to buy the dip. Netflix and Spotify each added 8% and 12%, respectively, following an upgrade from Citi to buy from neutral.
Tesla shares gained more than 8% following an upgrade of the stock to outperform by Credit Suisse. Other EV makers rose too, with Rivian up 8% and Lucid adding about 6%.
On the down side, a 2% decline in Walgreens shares put pressure on the Dow after the company kicked off the sales process for its Boots unit. Caterpillar shares lost more than 1% after Credit Suisse cut its price target on the stock. Travelers Companies also fell more than 1%.
Investors have a big week for economic data and some important earnings reports from some of the market’s biggest tech names, including Alphabet, Meta Platforms, Amazon and more. About one-third of S&P 500 companies have reported fourth-quarter earnings and 77% have beaten Wall Street’s earnings expectations
Prices for 10-year Treasurys gained ground, lowering yields to Friday’s 1.79%. Treasury prices and yields move in opposite directions.
Oil prices acquired 60 cents to $87.42 U.S. a barrel.
Gold prices hiked $10.70 to $1,797.30 U.S. an ounce.
