Canada’s main stock index, the S&P/TSX Composite, climbed more than 200 points on Monday, driven by gains in technology and base metals stocks. The index rose 202.75 points, or 0.57%, to close at 36,009.40, recovering from Friday’s close of 35,804.86.
Technology and Mining Lead the Advance
The information technology sector led the rally with a 3.0% gain, while base metals advanced 1.6% and financial stocks added 1.4%. However, energy and telecommunications shares declined, with energy falling 2.5% and telecoms down 1%, as oil prices slipped.
US Markets Also Move Higher
In New York, the Dow Jones Industrial Average rose 366.19 points (0.7%) to 52,048.83, the S&P 500 gained 114.20 points (1.5%) to 7,764.70, and the NASDAQ Composite climbed 599.55 points (2.3%) to 27,122.09. Lower oil prices and falling Treasury yields supported US equities, with semiconductor stocks boosting the NASDAQ.
Oil Prices and Currency Movements
The November crude oil contract fell $3.71 to $92.37 per barrel, pressured by potential diplomatic progress between the US and Iran and signs of recovering Saudi oil shipments. The Canadian dollar weakened slightly to 71.32 US cents from 71.42 US cents on Friday. Gold also declined, with the December contract dropping $41 to $4,383.90 an ounce.
Investors are also monitoring comments from Bank of Canada Governor Tiff Macklem and ongoing US-Canada trade tensions for clues on the economic outlook and interest rate path.