Canada's main stock index rose on Monday, starting the week on a firm footing, helped by gains in energy shares on the back of recovery in oil prices.
The S&P/TSX Composite Index gained 47.06 points to greet noon hour at 15,166.34
The Canadian dollar faded 0.02 cents to 76.31 cents U.S.
Bank of Canada Governor Stephen Poloz welcomed the recent financial market developments, especially market volatility, a stronger U.S. dollar and higher yields for long-term bonds.
Health-care companies perked, helped by a 7.5% rise in shares of Bausch Health Companies Inc, which will announce results on Tuesday.
Other gainers on the TSX included Birchcliff Energy, which rose 6.3%
Sleep Country Canada Holdings fell 5.2% the most on the TSX, after analysts cut price targets.
The most heavily traded shares by volume were of The Green Organic Dutchman Holdings, Aurora Cannabis and Royal Nickel.
ON BAYSTREET
The TSX Venture Exchange gained 4.15 points to 655.50
Eight of the 12 subgroups were gainers, as consumer staples strengthened 1.6%, real-estate gathered 1.5%, and energy gushed 1.3%.
The four laggards were weighed most by materials, sliding 1.6%, information technology, off 1.4%, and consumer discretionaries, down 1%.
ON WALLSTREET
The NASDAQ Composite fell on Monday as sharp declines in Apple and Amazon dented the broader technology sector.
The Dow Jones Industrials climbed 98.94 points, however, to 25,298.48, as gains in Berkshire Hathaway led the financials sector higher.
Berkshire Hathaway lifted the financials sector, with its Class B shares climbing 5% after the company reported over the weekend better-than-expected earnings. The sector gained 1.5% while Citigroup and Bank of America gained 2% and 0.8%, respectively. J.P. Morgan Chase advanced more than 0.5%
The Dow also climbed as Chevron shares jumped nearly 4% to lead the energy sector higher. Chevron rose after Credit Suisse upgraded it to outperform from neutral, noting the company has a compelling free cash flow and valuation.
The S&P 500 recovered 4.03 points to 2,727.33
The NASDAQ fell 75.89 points, or 1%, to 7,267.13, while Apple dropped 3.3% Amazon shares, meanwhile, fell 4%.
Apple shares fell after Rosenblatt Securities downgraded Apple amid expectations of lower iPhone sales. Shares of chipmaker Qorvo, a key Apple supplier, fell more than 7%.
Amazon's stock pulled back after President Donald Trump said the administration was looking into antitrust violations committed by the e-commerce giant.
U.S. voters will head to the polls on Tuesday for high-stakes elections that can send ripples throughout capital markets. Democrats are largely expected to regain control of the House, with Republicans forecast to retain a slim majority in the Senate. This outcome is seen as largely positive as, historically, a government has led to solid gains in the stock market.
If the GOP maintains a majority in both chambers, it could give stocks a short-term boost as it increases the likelihood of further tax cuts. Meanwhile, a so-called Democratic sweep could pressure stocks as it could lead to a reversal of some of the policies passed by the GOP to boost the economy.
The Democrats were leading with a seven-point advantage ahead of the contest, according to an NBC News/Wall Street Journal poll released Sunday.
Investors are also grappling with uncertainty on the trade front. On Monday, Chinese President Xi Jinping reiterated his rhetoric against protectionism and commitment to free trade in a speech. Xi said his country was pursuing "a new round of high-standard opening up" to broaden market access to the rest of the world.
Prices for the benchmark for the 10-year U.S. Treasury gained, lowering yields to 3.19% from Friday’s 3.22%. Treasury prices and yields move in opposite directions.
Oil prices gained 24 cents to $63.38 U.S. a barrel.
Gold prices gave back $1.90 an ounce to $1,233.30 U.S.
