Canada's main stock index rose on Monday, supported by gains in energy stocks after doctors suggested U.S. President Donald Trump could be discharged from the hospital where he is being treated for COVID-19.
The TSX leaped 141.95 points to open Monday at 16,341.20.
The Canadian dollar reattached 0.13 cents to 75.36 cents U.S.
The largest percentage gainer on the TSX was pot producer Aphria, which jumped 59 cents, or 10.1%, to $6.46, followed by oil producer Vermilion Energy, up a dime, or 3%, to $3.26.
Shopify recovered from early losses to pick up $9.44 to $1,381.00, but North West Co, lost 53 cents, or 1.5%, to $35.46, after TD Securities downgraded the retailer's stock to hold from buy.
ON BAYSTREET
The TSX Venture Exchange regained 7.07 points, or 1%, midday to 715.62.
All 12 TSX subgroups were positive, with health-care sprouting 3.2%, energy, up 2.1%, and materials better by 1.8%.
ON WALLSTREET
U.S. stocks climbed Monday as investors grew more hopeful that lawmakers would reach a compromise on a new stimulus deal in light of President Donald Trump’s Covid-19 diagnosis and signs of a slowdown in economic recovery.
The Dow Jones Industrial Average bounced higher 376.34 points, or 1.4%, to reach noon hour at 28,059.15.
The S&P 500 advanced 44.81 points, or 1.3%, to 3,393.07.
The NASDAQ leaped 176.89 points, or 1.6%, to 11,251.80.
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 just before 1 a.m. ET 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 plunged, boosting yields to 0.76% from Friday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices recovered $2.52 to $39.57 U.S. a barrel.
Gold prices climbed $13.30 to $1,920.90 U.S. an ounce.
