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Trump-Trudeau Battle Does Not Prevent Small Rise in TSX

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Canada's main stock index was higher at the open on Monday, led by gains in financial and materials ...

Canada's main stock index was higher at the open on Monday, led by gains in financial and materials stocks as investors shrugged off G7 squabble.

The S&P/TSX Composite Index jumped 66.29 points to open Monday and the week at 16,268.98

The Canadian dollar settled 0.16 cents to 77.34 cents U.S.

Resource stocks led the way in the first hour of trading, as Agnico Eagle Mines moved forward 19 cents to $57.73, while Teck Resources sprang up 33 cents to $38.53

Bombardier Inc and its partners have been awarded a $4.9-billion contract to build and operate a passenger transit system at the Los Angeles
International Airport. CIBC raised the price target on Bombardier Inc. to $6.00 from $4.50. Shares in Bombardier boosted seven cents, or 1.4%, to $4.95.

RBC cut the target price Bank of Nova Scotia to $86.00 from $95.00. Scotiabank shares dove 56 cents to $75.80.

U.S. President Donald Trump fired off a volley of tweets on Monday venting anger on NATO allies, the European Union and Prime Minister Justin Trudeau in the wake of a divisive G7 meeting over the weekend.

ON BAYSTREET

The TSX Venture dropped 3.05 points first thing Monday to 772.17

All but one of the 12 TSX subgroups were in the green in the first hour of trade, as materials took off 0.9%, information technology clicked higher 0.8%, and telecoms bettered themselves 0.5%.

Only health-care missed the party, faltering 0.7%.

ON WALLSTREET

U.S. stocks held steady Monday as investors shrugged off some concerns over a tumultuous G-7 meeting over the weekend at which President Donald Trump lashed out at U.S. allies.

The Dow Jones Industrials gained 29.05 points to begin Monday at 25,345.58, with losses in McDonald's and 3M dragging down gains in Goldman Sachs and Boeing

The S&P 500 picked up 5.37 points to 2,784.40, as a rise in telecommunications stocks offset mild losses in health care.

The NASDAQ added 15.35 points to 7,660.86, amid a 0.4% climb in shares of Amazon and a 1.1% gain in shares of Netflix.

Wall Street was also preparing for the hotly anticipated meeting between Trump and North Korea leader Kim Jong Un in Singapore, set to occur on Tuesday.

President Trump and his administration escalated criticism of Prime Minister Justin Trudeau and international trade over the weekend at the annual G-7 summit that took place in Quebec

The conclusion of the two-day summit, where Trump met with leaders from Europe and Canada, resulted in the U.S. incumbent refusing to endorse the joint G-7 statement that called for a reduction of tariffs — sparking tensions between him and fellow G-7 leaders.

He also criticized Trudeau of "betrayal," saying that the prime minister's comments on U.S. tariffs were "very dishonest & weak."

Investors are also looking ahead to a meeting of the U.S. Federal Reserve, due to take place on Tuesday and Wednesday.

The U.S. central bank is expected to announce a quarter-point increase in interest rates as it seeks to normalize monetary policy with the economy showing signs of health.

Prices for the benchmark for the 10-year U.S. Treasury fell, raising yields to 2.97% from Friday’s 2.94%. Treasury prices and yields move in opposite directions.

Oil prices skidded 17 cents at $65.57 U.S. a barrel.

Gold prices improved $1.50 at $1,304.20 U.S. an ounce.