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Huge Gains to Begin March

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Baystreet.ca
·3 min read
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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.

ON BAYSTREET

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%.

ON WALLSTREET

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.

Read:

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