Toronto Stocks Advance

(CORRECTS DIRECTION OF TSX VENTURE CLOSE -- DOWN, NOT UP)

Investors in Canada’s largest market hailed mighty gains Monday, as their American counterparts counted down the clock to congressional elections.

The TSX Composite gained 96.1 points to conclude Monday at 19,545.91.

The Canadian dollar gained 0.14 cents to 74.13 cents U.S.

All but one subgroup were in the green Monday, with units of Summit Industrials Income REIT leading the pack, gaining an eye-popping $4.58, or 25.5%, to $22.51, while Primarus REIT units gained 79 cents, or 5.6%, to $14.95.

Among techs, BlackBerry skyrocketed 48 cents, or 8.1%, to $6.41, while Payfare collected 21 cents, or 4.3%, to $5.10.

In the industrial sector, TFI International gathered $5.17, or 4.2%, to $129.35, while Finning International perked $1.04, or 3.6%, to $30.27.

Utilities proved the only losing subgroup, with Hydro One sagging 85 cents, or 2.5%, to $33.01, while Algonquin Power lost 26 cents, or 1.8%. of its mojo, to $14.63.

ON BAYSTREET

The TSX Venture Exchange inched backward 0.17 points Monday to 593.53

All but one of the 12 TSX subgroups were pointed upward, led by real-estate, ahead 3.4%, information technology, jumping 1.4%, and industrials, up 0.9%.

Only utilities missed the party, down 0.8%.

ON WALLSTREET

Stocks rallied Monday as investors looked ahead to a packed week with congressional midterm elections and key inflation data on deck over the next few days, and shrugged off a supply warning from Apple.

The Dow Jones Industrials flew 423.78 points, or 1.3%, to close Monday at 32,827.

The S&P 500 advanced 36.25 points, or 1% to 3,777.21

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The NASDAQ fell 15.9 points to 10,458.35.

Retail trade led the Dow higher, with Walgreens Boots Alliance’s 4% jump on news that it would spend $3.5 billion to support VillageMD’s acquisition of urgent care provider Summit Health.

The company also raised its 2025 sales goal for U.S. health care business. Home Depot and Walmart also rose.

Shares of Apple fell roughly 1% after the tech company said iPhone production has been temporarily reduced because of COVID-19 restrictions in China.

Palantir shares, meanwhile, declined more than 12% after the company posted disappointing quarterly results. Carvana tumbled 15%, after falling more than 20% earlier in the day.

Facebook parent Meta gained about 5% following a Wall Street Journal report that said the company could start layoffs as soon as Wednesday.

Elsewhere, several companies are expected to report Monday including Activision Blizzard, Lyft and Take-Two Interactive. Corporate earnings season is winding down with a majority of companies in the S&P 500 having reported results.

Tuesday’s mid-term election will determine which party will control Congress, and impact the direction of future spending. Democrats currently control the House, and have a majority in the Senate.

Investors could approve of a potential gridlock that may come out of the mid-term elections as a Democratic president, with a Republican or split Congress, has historically meant above-average gains, according to experts.

Treasury prices gave up its gains, raising yields to 4.22% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.

Oil prices slumped 69 cents to $91.92 U.S. a barrel.

Gold prices gained a dollar to $1,677.60 U.S. an ounce.