Stocks in Canada’s largest centre emerged from the long Easter weekend full of get-up-and-go, and enjoyed triple-digit rises in some cases, mostly due to muscle in the financial sector.
The S&P/TSX Composite Index climbed 149.41 points, or nearly 1%, to close Monday at 15,684.89
The Canadian dollar recovered 0.1 cents at 75.10 cents U.S.
The financials group gained, with Toronto-Dominion Bank up $1.33, or 2.1% to $66.20 and Bank of Nova Scotia adding $1.15, or 1.5%, to $77.14. The group had sold off sharply last week, pressured by declining bond yields.
Consumer staples also got some traction, as Loblaw took on $1.11, or 1.6%, to $72.60, while Empire Company, parent of Sobeys, hoisted 47 cents, or 2.3%, to $20.59.
The energy group climbed as oil prices recouped losses, with pipeline company Enbridge up 48 cents to $56.77 and Suncor Energy adding 57 cents, 1.4%, to $41.26.
Gold miners weighed even as the precious metal hit a five-month high on rising geopolitical tensions, with Alamos Gold falling 20 cents, or 1.8% to $10.75, and Goldcorp down four cents to $20.47.
Marijuana stocks fell from last week's highs following the introduction of legislation to legalize its recreational use, with Canopy Growth down 32 cents, or 3.2% at $9.61, and OrganiGram Holdings off 16 cents, or 5.7%, at $2.66.
ON BAYSTREET
The TSX Venture Exchange faltered 4.92 points, however, to 829.70
All but three of the 12 TSX subgroups held onto gains throughout the session, as financials took on 1.4%, consumer staples strengthened 1.2%, and energy proved 1% more efficient.
The three laggards were gold, listing lower 0.6%, health-care, off 0.3%, and materials settling 0.2%.
ON WALLSTREET
U.S. equities closed higher on Monday as a weekend filled with geopolitical worries ended more calmly than investors expected, while bank stocks charged ahead.
The Dow Jones Industrials rocketed 183.67 points to 20,636.92, as Boeing and Goldman Sachs driving the 30-stock index upwards.
The S&P 500 gained 20.06 points to 2,349.01, with financials leading advancers.
The NASDAQ Composite improved 51.64 points to 5,856.76.
U.S. stocks showed strength after Treasury Secretary Steven Mnuchin told the media that Republicans could complete tax reform without incorporating the border adjustment tax.
Meanwhile, earnings season was set to kick into full gear this week, with Goldman Sachs, Bank of America and eBay, among others, set to report this week. Netflix was also set to report Monday after the close.
Investors have high hopes for first-quarter earnings, with Wall Street expecting the best season since 2011. But it's the second-quarter guidance that has some experts worried.
One said that just six of the 29 S&P 500 components that had reported also raised their second-quarter estimates, while 18 lowered them.
Vice President Mike Pence said the "era of strategic patience" with North Korea was over.
Pence made the comments on the border between North and South Korea a day after North Korea's failed missile test. The Trump administration is working with China and its allies on a response to North Korea's missile program.
In economic news, the Empire State index hit 5.2 in April, well below the 16.4 print reached in March. The National Association of Home Builders/Wells Fargo Housing Market index hit 71 in March, a notable jump from 58 in March 2016. Anything above 50 on the index is considered positive sentiment.
Prices for the benchmark 10-year Treasury note were lower, raising yields to 2.25% from Thursday’s 2.23%. Treasury prices and yields move in opposite directions.
Oil prices fell 56 cents at $52.62 U.S. a barrel
Gold prices dipped $3.80 at $1,284.70 U.S. an ounce.
