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TSX Flies High on Energy Stocks

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Canada's energy-heavy main stock index opened higher on Monday, as oil prices jumped over 1% on prospects of improving demand, although further gains were capped by a slide in technology stocks.

The TSX Composite marched forward 80.55 points to begin a new week at 20,483.21.

The Canadian dollar poked up 0.19 cents to 79.07 cents U.S.

Rio Tinto and Unifor have reached a labour agreement in principle for the global miner's operations in British Columbia.

Canaccord Genuity raised the target price on Granite REIT to $107.00 from $95.00. Granite units dropped 61 cents to $90.31.

Then, Canaccord raised the rating on Medmen Enterprises to hold from sell. Medmen shares fell 1.5 cents, or 3.9%, to 37 cents.

Finally, Canaccord raised the target price on Nuvei to $140 from $1.10. Nuvei shares descended $4.57, or 3%, to $146.24.

ON BAYSTREET
The TSX Venture Exchange gathered 2.73 points to 878.86.

Seven of the 12 TSX sectors were in positive country, with energy sprinting 4.7%, gold higher by 1.4%, and materials surging 1.3%.

The five laggards were weighed most by information technology, down 1.9%, consumer staples, worse off 0.6%, and utilities, off 0.5%.

ON WALLSTREET

U.S. stocks were split on Monday morning as traders braced for the final week of a volatile September.

The Dow Jones Industrials 234.61 points to 35,032.61, as energy stocks and bank shares pushed higher.

The S&P 500 backed off, however, 3.32 points to 4,452.16.

The NASDAQ Composite lost 96.93 points to 14,950.77.

Alphabet, Apple and Nvidia were lower in early trading, weighing the S&P 500 and NASDAQ. Tech stocks are seen as sensitive to rising interest rates because higher debt costs can make long-term growth less attractive to investors.

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Also weighing on sentiment was a potential government shutdown to end the week.

Stocks linked to the economic comeback led the early gains as U.S. COVID cases continued to roll over.

U.S. cases averaged about 120,000 per day over the last week, according to data compiled by Johns Hopkins University, down from a 7-day average of more than 166,000 cases at the peak of this latest wave in early September. Pfizer CEO Albert Bourla said on Sunday that he thought the U.S. could return to normal “within a year” though annual vaccinations might be needed.

Carnival Corp rose 6% and United Airlines added 2.9% in early trading. Shares of Boeing jumped 2.7%.

The rise in yields appeared to boost financial stocks on Monday, with the KBW Bank Index climbing 2.4%.Shares of Goldman Sachs and JPMorgan Chase rose more than 2%, making them some of the best performers in the Dow.

Exxon Mobil and Occidental Petroleum led gains in the energy sector as WTI crude continued its September run, topping $74 a barrel.

Additionally, the August reading for durable goods orders came in well above expectations on Monday, powered in large part by a jump for the transport sector.

Prices for 10-Year Treasurys lost ground, raising yields to 1.47% from Friday’s 1.46%. Treasury prices and yields move in opposite directions.

Oil prices climbed $1.57 to $75.55 U.S. a barrel.

Gold prices picked up four dollars to $1,755.70 U.S. an ounce.


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