Stocks in Toronto rebounded on Monday from Friday's losses, rising more than 1% as key sectors like financials, energy, and materials saw robust gains.
The S&P/TSX composite index was positive 144.6 points, or 1% to greet noon at 14,447.30.
The Canadian dollar hurtled higher 0.46 cents to 76.57 cents U.S.
Four of the five biggest positive drivers on the TSX were banks and insurers, with Royal Bank of Canada rising 1.2% to $77.27, and Toronto-Dominion Bank advancing 1.1% to $52.97.
Canadian Natural Resources was up 1.1%to $33.15.
Barrick Gold jumped 6.6% to $9.85, while Goldcorp rallied 4.1% to $18.38.
Gold miners were helped by slightly higher bullion prices, which found support around the $1,100-U.S.-an-ounce level.
Base metal miners were aided by copper prices that rebounded from six-year lows following stronger-than-expected imports from China, despite otherwise disappointing economic data.
ON BAYSTREET
The TSX Venture gained 2.78 points to 579.38.
All but four of the 14 TSX subgroups were higher midday, led by gold, up 4.9%, metals and mining, up 4.6% and global base metals prospered 3.7%.
The four laggards were weighed most by telecoms, off 0.6%, while information technology and health-care each faded 0.3%.
ON WALLSTREET
U.S. stocks rallied more than 1% on Monday, rebounding from sharp declines last week, as oil's rise from multi-month lows and a Warren Buffett acquisition boosted sentiment.
The Dow Jones industrial average broke for lunch after surging 218.40 points, or 1.3%, to 17,591.78, as Caterpillar, Apple and Boeing surged to lead nearly all blue chips higher.
The S&P 500 hiked 23.91 points, or 1.2%, to 2,101.48, with energy leading nine sectors higher and utilities the only decliner.
The NASDAQ index climbed 55.6 points, or 1%, to 5,099.15
Precision Castparts surged 19% on news that Warren Buffett's Berkshire Hathaway will acquire the maker of aircraft equipment for $235 U.S. a share, making for an all-cash deal of about $37.2 billion U.S.
IBM edged higher after Buffett said on CNBC that "he loves it" when IBM's stock price goes down because the company can repurchase shares at better prices. Buffett's Berkshire Hathaway has an 8.12% stake in IBM, according to recent filings.
As earnings season winds down, reports from Credicorp, Kraft Heinz, Rackspace, and Shake Shack are all due after the bell.
In other corporate news, Alibaba announced a 19.99% stake of 28.3 billion yuan ($4.56 billion U.S.) in Chinese electronics retailer Suning Commerce Group.
Twitter surged nearly 5% amid news that interim CEO Jack Dorsey and other insiders bought shares of the beaten-down stock.
U.S. inflation is "very low" but only temporarily so, and the economy has nearly achieved full employment, Federal Reserve Vice Chairman Stanley Fischer said on Monday on Bloomberg TV.
Atlanta Fed's Dennis Lockhart is due to speak at 12:25 p.m. ET. In the past few days, he sent ripples through the markets when he said that in his view he saw no reason to hold off on a September rate hike.
Prices for 10-year U.S. Treasuries sagged, upping yields to 2.22% from Friday’s 2.17%. Treasury prices and yields move in opposite directions.
Oil prices faded 21 cents a barrel to $43.66 U.S.
Gold prices inched up 80 cents to $1,094.90 U.S. an ounce.
