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Stocks made up in a big way Monday for the downward journey they took late last week, with health and industrial issues leading the way.
The TSX climbed 239.36 points, or 1.3%, to conclude Monday at 18,299.62.
The Canadian dollar picked up 0.23 cents to 78.98 cents U.S.
Health-care concerns led the pack, with Cronos Group rockeing 67 cents, or 5%, to $13.97, while Canopy Growth tacked on $2.01, or 4.8%, to $43.91.
In the industrial sector, CAE raced $4.30, or 12.8%, to $37.98, while WSP increased in price $8.98, or 8.2%, to $119.20.
Tech stocks muscled up, too, with BlackBerry acquiring 92 cents, or 7.2%, to $13.79, while Docebo spiking $3.85, or 6.9%, to $59.49.
In the resource section, Wesdome Gold dropped 51 cents, or 6%, to $8.04, while IAMGOLD slid 13 cents, or 3.5%, to $3.64.
First Majestic Silver doffed $1.65, or 7.2%, to $21.29, while Silvercorp Metals lost 32 cents, or 4.3%, to $7.08.
On the economic front Markit Canada reported its Manufacturing Purchasing Managers’ Index registered 54.4 in January, down sharply from 57.9 in December.
The TSX Venture Exchange regained 15.86 points, or 1.6%, to 1,034.36.
All but two of the 12 TSX subgroups gained ground, as health-care hiked 3%, industrials strengthened 2.7%, and information technology picked up 2.3%.
The two laggards were in gold and materials, each down 0.3%.
U.S. stocks jumped sharply on Monday in a broad-based rally as stocks tied to the economic reopening jumped on vaccine optimism, while tech names rebounded from steep losses last week.
The Dow Jones Industrials surged 603.14 points, or 2%, to greet the closing bell at 31,535.51, led by Boeing which climbed 6.8% and put the plane maker on pace for its best day since Nov. 9.
The S&P 500 reclaimed 90.67 points, or 2.4%, to 3,901.82. Fewer than 40 stocks in the S&P 500 posted losses on Monday, the first trading session of March. At the Big Board, advancers outnumbered decliners by four-to-one. Energy and financials, which are popular cyclical plays, jumped 3% amid optimism on vaccines.
The NASDAQ Composite spiked 396.48 points, or 3%, to 13,588.83. Meanwhile, high-growth tech shares outperformed as rates stabilized. Apple popped 5.4% and Tesla rose 6.4%.
Boosting sentiment on the vaccine front, the Centers for Disease Control and Prevention advisory panel voted unanimously Sunday to recommend the use of Johnson & Johnson’s one-shot COVID-19 vaccine for people 18 years of age and older. The company expects to ship four millions doses initially.
Last week, the blue-chip Dow 1.7%, and the S&P 500 lost 2.5%. The technology-heavy NASDAQ dropped more than 4% during the same period, after suffering its worst one-day selloff since October on Thursday. Technology companies rely on being able to borrow money for a low rate in order to invest in future growth.
The major averages rose for the month of February, bolstered by a strong earnings season, positive news on the vaccine rollout and hopes of another stimulus package.
The Dow gained 3.2% for its third positive month in four in February. The S&P 500 gained 2.6% and the NASDAQ gained nearly 1% for its fourth positive month in a row.
On the stimulus front, the House of Representatives passed a $1.9-trillion COVID relief bill, the American Rescue Plan Act of 2021, early Saturday. The Senate will now consider the legislation.
Prices for 10-Year Treasurys dropped a bit, boosting yields to 1.44% from Friday’s 1.41%. Treasury prices and yields move in opposite directions.
Oil prices shied away 12 cents to $61.38 U.S. a barrel.
Gold prices jumped $1.90 to $1,730.70