Canada's main stock index rebounded from a three-week low on Monday, led by shares of energy and material companies, as global equities stabilized from their worst week this year.
The S&P/TSX Composite Index rebounded 102.34 points to pause for lunch Monday at 16,098.55
The Canadian dollar recovered 0.05 cents at 74.56 cents U.S.
Barrick Gold rose 26 cents, or 1.5%, to $17.60, after it ended its bid for its biggest rival Newmont Mining and instead signed an agreement to create a joint venture for Nevada operations.
The largest percentage gainer on the TSX was lumber company Canfor, which jumped 82 cents, or 5.6%, to $15.50, after brokerage BMO upgraded the stock to "outperform."
Iamgold was among the biggest decliners, as gold prices slipped on Monday after equity markets regained some ground. Iamgold descended 21 cents, or 4.3%, to $4.64.
ON BAYSTREET
The TSX Venture Exchange gained 3.35 points to 621.43
All but two of the 12 TSX subgroups remained higher midday, as energy climbed 1.7%, information technology clicked 1.3% higher, and health-care was 1.1% in the pink.
Only gold, retreating 1.1%, and real-estate, listing lower 0.02%, missed out on all the gains,
ON WALLSTREET
Stocks rose on Monday as strong gains in tech shares like Apple and Facebook offset a steep decline in Boeing.
The Dow Jones Industrial Average roared back into positive territory by 80.59 at noon time EDT, facing lunch hour at 25,530.83,
The S&P 500 advanced 33.04 points, or 1.2%, to 2,776.11, led by a 1.9% jump in the tech sector.
The NASDAQ Composite climbed 123.28 points, or 1.7%, to 7,531.43.
Boeing fell 6% after a plane crash on Sunday that involved the 737 MAX 8 jet. This is the second crash in less than six months involving that model. Boeing's decline shaved off more than 150 points from the Dow given the index's price-weighted nature and the stock's high price relative to other Dow components.
Apple shares rose more than 3.1% after Bank of America Merrill Lynch upgraded the stock to buy from neutral, noting the company's recent pullback presents "opportunity." The bank also raised its 12-month price target to $210 per share from $180.
Facebook also gained 2% after Nomura Instinet upgraded it to buy from neutral. In a note to clients, analyst Mark Kelley said consumers are transitioning to Facebook's Stories format and its increased focus on messaging. Kelley also hiked his price target to $215 per share from $172.
Monday's moves come after the major indexes posted their worst weekly performances of 2019 amid growing concerns of a possible economic slowdown around the world.
Prices for the benchmark 10-year U.S. Treasury fell a bit, raising yields to 2.64% from Friday’s 2.63%. Treasury prices and yields move in opposite directions.
Oil prices took on $5.61 to $56.81 U.S. a barrel.
Gold prices declined $6.30 to $1,293 U.S. an ounce.
