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Stocks Stage Big Recovery

Baystreet.ca
Stocks Stage Big Recovery

Investors the world over realized the fallout from last week’s selloff will likely take weeks – if not months – to clean up totally, but indexes went a long way Monday toward starting the process, showing a lot of green throughout the session.

The S&P/TSX Composite Index leaped 207.35 points, or 1.4%, to conclude Monday at 15,241.88

The Canadian dollar eased 0.03 cents to 79.41 cents U.S.

Torex Gold was among the biggest gainers on the index, hiking 82 cents, or 7.1%, to $12.43, while Yamana Gold zoomed 24 cents, or 6.2%, to $4.13.

Copper miner Ivanhoe Mines was another all-star Monday on the index, improving 32 cents, or 11.1%, to $3.21, while Agnico Eagle Mines climbed $1.31, or 2.4%, to $55.40.

Tech stocks shone, too, as BlackBerry strengthened 17 cents, or 1.2%, to $14.79, while Constellation Software tacked on $23.71, or 3.1%, to $791.53.

Canopy Growth Corporation weighed on health-care stocks, dipped $1.33, or 4.7%, to $26.84, while Aphria descended 45 cents, or 2.8%, to $15.63.

Utilities fell slightly, too, as Hydro One gave back 33 cents, or 1.6%, to $20.40.

ON BAYSTREET

The TSX Venture Exchange climbed 11.67 points, or 1.4%, to 825.06

All but two of the 12 TSX subgroups finished the day higher, as gold brightened 3.6%, materials soared 3.4%, and information technology clicked 3% higher

The two losing subgroups were health-care, dropping 0.7%, while utilities slid 0.4%.

ON WALLSTREET

U.S. stocks rose on Monday as the major indexes rebounded from their worst weekly performances in two years.

The Dow Jones industrial average screamed higher 410.37 points, or 1.7%, to 24,601.27, DowDuPont and Apple were the best-performing stocks in the Dow, advancing 3.4% and 4% respectively.

The S&P 500 gained 36.45 points, or 1.4%, to 2,656, with materials and information technology as the best-performing sectors.

The NASDAQ popped 107.47 points, or 1.6%, to 6,981.96

Shares of Amazon, Bank of America and Apple — which fell sharply last week — all rose by at least 2.5%.

The Dow and S&P 500 both pulled back 5.2% last week, notching their worst weekly declines since January 2016. The NASDAQ composite, meanwhile, dropped 5.1%, marking its biggest one-week pullback since February 2016. The indexes also dipped into correction territory.

The latest move higher follows news that the White House will unveil a long-awaited infrastructure plan that includes $200 billion in federal infrastructure spending over 10 years.

Prices for the benchmark 10-year Treasury note fell slightly, raising yields to 2.86% from Friday’s 2.85%. Treasury prices and yields move in opposite directions.

Oil prices recovered 11 cents a barrel to $59.31 U.S.

Gold prices shone brighter $8.50 to $1,324.20 U.S. an ounce.