Equities in Canada’s largest centre acquired much-needed momentum with which they didn’t part Monday, as stocks headed into the end of the first half of a volatile 2020.
The S&P/TSX Composite Index sprang up 200.74 points, or 1.3%, to conclude Monday at 15,389.72
The Canadian dollar progressed 0.05 cents to 73.15 cents U.S.
Canadian markets will be shuttered Wednesday for Canada Day.
Energy stocks led the pack, what with Shawcor taking on 17 cents, or 6.9%, to $2.64, while Enerplus gained 22 cents, or 6.3%, to $3.69.
Among consumer discretionary concerns, MTY Food Group gained $1.59, or 6.9%, to $24.53, while Restaurant Brands International sprinted $3.60, or 5%, to $75.52.
In utilities, Boralex captured 93 cents, or 3.2%, to $29.99, while Transalta Renewables picked up 42 cents, or 3.1%, to $14.14.
Economically speaking, Statistics Canada reported the total value of building permits issued by Canadian municipalities in May bounced back 20.2% to $7.4 billion, following declines of 13.4% in March and 15.4% in April.
The agency’s industrial product price index rose 1.2% in May, driven mainly by higher prices for meat, fish and dairy products as well as energy and petroleum products, while the raw materials price index increased 16.4%, mainly on higher crude oil prices.
ON BAYSTREET
The TSX Venture Exchange flew 9.51 points, or 1.6%, to 608.25.
All 12 TSX subgroups gained ground on the day, with energy jumping 3%, consumer discretionary stocks skyrocketing 2.6%, and utilities marching 1.7%.
ON WALLSTREET
Stocks rose sharply to start the week Monday as Wall Street cheered news on Boeing and traders shrugged off the latest surge in coronavirus cases.
The Dow Jones Industrials rebounded 580.25 points, or 2.3%, to finish Monday at 25,595.80. It was the Dow’s best day since June 5, when it soared more than 3%.
The S&P 500 recovered 44.19 points, or 1.5%, to 3,053.24.
The NASDAQ Composite popped 116.93 points, or 1.2%, to 9,874.15.
Markets in the States will observe the Fourth of July on Friday.
Shares of Dow-member Boeing rose 14.4% as certification flights for the Boeing 737 Max began Monday. The test is seen by investors as a critical step in Boeing’s worst-ever corporate crisis, which began in March 2019 after two crashes in five months killed 346 people.
Apple was also among the biggest contributors of gains on the Dow, climbing 2.3%. Facebook, meanwhile, closed 2.1% higher to recover from an earlier decline. The social media giant was first under pressure after more companies said they will pause advertising on its platforms. Since Friday, Starbucks, Coca-Cola and Guinness-parent Diageo all announced they will halt advertising on social media.
Investors bet on select stocks on hopes most state economies will continue to reopen even as some hotspots pop up. Southwest Airlines jumped 9.6% after Goldman Sachs upgraded the shares to buy from sell. Shares of retailer Gap climbed 3.7%, and Kohl’s rose 10.1%.
The major averages also got a boost after the National Association of Realtors said pending home sales jumped by a record 44.3% in May.
Futures contracts had initially pointed to a decline on Monday after data compiled by Johns Hopkins University showed more than 2.5 million COVID-19 cases have been confirmed in the U.S. On Friday alone, there were 45,255 additional cases were reported, bringing the country’s seven-day average to more than 41% from the prior week.
On Saturday, Florida reported a one-day record of cases of 9,636. The state reported an additional 8,577 on Sunday. Those figures were released after Florida once again banned drinking at bars on Friday. Texas — another state that has seen record spikes in coronavirus infections — rolled back on Friday some of its reopening measures.
Prices for the 10-Year Treasury were unchanged, keeping yields at Friday’s 0.64%.
Oil prices gained $1.11 to $39.60 U.S. a barrel.
Gold prices added $2.80 to $1,783.10 U.S. an ounce.