Canada's main stock index opened higher on Monday on strength from energy and material stocks, tracking firmer crude oil and gold prices despite concerns over a slowdown in the Canadian economy.
The TSX picked up Monday from where it left off Friday afternoon, leaping 125.02 points to 19,898.36.
The Canadian dollar grew 0.22 cents to 77 cents U.S.
ON BAYSTREET
The TSX Venture Exchange added 6.66 points, or 1%, to 652.23
All but one of 12 TSX subgroups were higher first thing Monday, with health-care, energy and industrials each soaring 1%.
Only materials failed to make the grade, dropping 0.4% in the first hour.
ON WALLSTREET
Stocks rose on Monday as a weaker dollar and growing confidence that inflation has peaked helped Wall Street’s relief rally continue.
The Dow Jones Industrials raced 267.31 points to begin the week at 32,419.02
The S&P 500 tacked 41.96 points, or 1%, to 4,109.43.
The NASDAQ Composite jumped 135.28 points, or 1.1%, to 12,247.58.
Piper Sandler upgraded struggling Carvana shares to overweight from neutral, saying the stock is too cheap for investors to ignore.
Carvana shares popped 7% in the premarket.
The moves build on a rebound for U.S. stocks, as all three major averages snapped a three-week losing streak on Friday. The Dow added 2.6% last week, while the S&P 500 gained 3.7%. The NASDAQ Composite added 4.1%.
Stocks have been volatile ahead of the September 20-21 meeting of the Federal Reserve, where the central bank is expected to deliver its third consecutive 0.75 percentage point rate hike in an effort to combat high inflation.
Wall Street investors have been looking for signs that future rate hikes might be smaller as inflation cools off, but Fed Chair Jerome Powell last week reiterate
Treasury prices retreated Monday morning, raising yields to 3.29% from Friday’s 3.32%. Treasury prices and yields move in opposite direction.
Oil prices soared $1.61 to $88.40 U.S. a barrel.
Gold prices shone brighter $6.80 to $1,735.40 U.S. an ounce.
