Energy stocks helped markets in Canada’s biggest centre open higher on Monday as oil prices gained after doctors suggested U.S. President Donald Trump could be discharged from the hospital, a few days after he was diagnosed with COVID-19.
The TSX advanced 73.35 points to open Monday at 16,272.60.
The Canadian dollar reattached 0.16 cents to 75.39 cents U.S.
Negotiations between Lundin Mining and the union at its Candelaria copper mine in Chile are making slow progress in their bid to avoid a strike at the deposit, the head of the mine's union told Reuters on Saturday.
Lundin shares gave back four cents to $7.37.
TD Securities cut the rating on Stingray Group to hold from buy. Stingray retreated 33 cents, or 5.4%, to $5.78.
TD Securities raised the target price on North West Company to $38.00 from $36.00. North West shares dumped 66 cents, or 1.8%, to $35.33.
TD Securities cut the target price on Loblaw Companies to $78.00 from $79.00. Loblaw shares lost five cents to $69.30.
ON BAYSTREET
The TSX Venture Exchange regained 5.75 points to begin the day and the week at 714.35.
All but one of the 12 TSX subgroups were positive to begin the session, with health-care sprouting 2.4%, materials and gold better by 1.2% each.
Real-estate proved the only laggard, off 0.4%.
ON WALLSTREET
Stocks rose Monday as investors cheered what appeared to be improvements in President Donald Trump’s health as well as rising optimism for further fiscal stimulus.
The Dow Jones Industrial Average spiked 236.25 points to begin the day and the week at 27,919.06.
The S&P 500 restored 38.12 points, or 1.1%, to 3,386.65.
The NASDAQ leaped 166.83 points, or 1.5%, to 11,241.96.
Monday’s gains came amid the prospect that Trump may be discharged from the hospital later in the day, which would ease uncertainty about his COVID-19 prognosis and the functioning of the government during the already-chaotic election season.
Wall Street had been more concerned after his doctors said Sunday they had begun treating him with dexamethasone, a steroid recommended for severe cases of COVID-19. The president was said to have experienced two drops in his oxygen levels since his diagnosis announcement on Friday.
Optimism for reaching a compromise rose over the weekend after House Speaker Nancy Pelosi signaled progress on Friday, saying “we continue to work on the text to move quickly to facilitate an agreement.”
Pelosi on Friday called on the airline industry to delay furloughs, saying additional relief for the industry is "imminent."
After Trump’s diagnosis, former Vice President Joe Biden opened his widest lead in a month in the presidential race with 51% of those polled backing him and 41% saying they would vote for Trump, according to a Reuters/Ipsos poll released on Sunday from October 2-3.
Prices for the 10-Year Treasury moved lower, boosting yields to 0.75% from Friday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices recovered $2.01 to $39.06 U.S. a barrel.
Gold prices climbed $10.10 to $1,917.70 U.S. an ounce.
