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TSX Almost Back to New Year Levels
Canada's main stock index reached for the stars on Monday as oil prices rose due to expectations of a sharp fall in Iranian crude supply once U.S. sanctions bite later this year.
The S&P/TSX Composite Index sprouted 100.94 points to greet noon at 16,084.26, to within about 125 points of the levels at which it closed 2017.
The Canadian dollar dropped 0.01 cents to 78.31 cents U.S.
Health-care stocks led the charge, with Canopy Growth hiked $2.67, or 8.8%, to $32.97, while Valeant Pharmaceutical inched up six cents to $26.70
Consumer discretionary stocks also behaved positively, as Magna International spiked $2.33, or 2.9%, to $83.12, while Canadian Tire grew $2.89, or 1.8%, to $165.36.
Energy stocks rumbled ahead, as Suncor gathered $1.18, or 2.3%, to $52.10, while Imperial Oil collected 60 cents, or 1.5%, to $42.02.
ON BAYSTREET
The TSX Venture Exchange hiked 10.42 points, or 1.3%, to 793.33
All the 12 TSX subgroups were up as investors paused for lunch, as health-care sprinted 2.5%, while consumer discretionary and energy each climbed 1.6%,
ON WALLSTREET
Stocks traded higher on Monday amid hopes of a potential breakthrough in trade tensions between the U.S. and China, the world's two largest economies.
The Dow Jones Industrial Average rocketed 130.03 points to 24,961.20, with UnitedHealth and Walmart as the best-performing stocks in the index.
The S&P 500 gained 9.54 points to 2,737.20, with energy, health-care and tech outperforming.
The NASDAQ vaulted 34.33 points to 7,437.21
Chip stocks rose Monday after a report said Chinese regulators will restart a review of the proposed acquisition of NXP Semiconductors by Qualcomm. NXP shares jumped 10% on the news, while Qualcomm's stock gained 2.5%.
President Donald Trump pledged Sunday to help Chinese technology firm ZTE Corp to "get back into business, fast" after a U.S. ban had significantly hampered the Asian company.
Trump's tweet on Sunday came ahead of second round of trade talks between the U.S. and China this week. Trade officials are seeking to find a way to resolve an ongoing trade dispute, although Beijing has already said it will not change its current position over the coming days.
Optical component makers saw their stocks jump on Trump's ZTE news, with Oclaro jumping 6.5%, Lumentum up 4.3%, and Finisar picking up 2.3%. Acacia Communications also surged 11%.
In corporate news Monday, Xerox fell more than 8% after the company abandoned a $6.1-billion deal with Japanese firm Fujifilm as part of a settlement between Carl Icahn and Darwin Deason.
Prices for the benchmark for the 10-year U.S. Treasury dipped slightly, raising yields to 2.99% from Friday’s 2.97%. Treasury prices and yields move in opposite directions.
Oil prices took on 45 cents a barrel to $71.15 U.S.
Gold prices fell $1.10 to $1,319.60 U.S. an ounce.
