Whatever negative vibes filtered in from across the border Monday were decisively shunted aside by markets in Toronto, as indexes moved defiantly higher, in the wake of the failure by the Trump administration to nail down a new deal on health-care.
The S&P/TSX Composite Index chugged higher 63.55 points to end Monday at 15,506.22
The Canadian dollar shed 0.17 cents at 74.74 cents U.S.
Health-care issues in this country did just fine, thank you, as the prospects of legalized marijuana drove medical pot company Canopy Growth Corporation skyward $1.10, or 11.1%, to $10.98, while Valeant Pharmaceuticals enjoyed a gain of 13 cents to $14.49.
Gold grew in price as well, as Barrick Gold climbed 48 cents, or 1.9%, to $26.20, while Goldcorp gained 23 cents, or 1.2%, to $21.46.
In the materials sector, Teck Resources drew applause for its gain of $1.12, or 4%, to $29.37, while Lundin Mining eked up two cents to $7.45.
Real-estate faded a mite, as Brookfield Asset Management handed back two cents to $48.08.
Energy stocks cooled off as well, Suncor Energy heading downward 37 cents to $40.47, while Canadian Natural Resources trailed Friday’s close by 44 cents, or 1%, to $42.40.
ON BAYSTREET
The TSX Venture Exchange added 0.54 points to close Monday at 804.14
All but three of the 12 TSX subgroups were positive on the day, with gold and health-care each up 1.7%, and materials ahead 1.3%.
The three laggards were real-estate, fading 0.2%, while information technology, and energy each surrendered 0.1%.
ON WALLSTREET
U.S. stocks closed mostly lower on Monday as investors reassessed the prospects of key White House proposals, including tax reform, coming to fruition.
The Dow Jones Industrials came off their lows of the morning, but still registered 45.74 points below breakeven to conclude Monday at 20,550.98, with Goldman Sachs contributing the most losses
The 30-stock index ran its losing streak to eight sessions, its longest slide in six years.
The S&P 500 fell 2.39 points to 2,341.59, with financials and telecommunications leading decliners.
The NASDAQ Composite moved into the green 11.64 points to finish at 5,840.37
The major indexes have taken a breather this month from their rip-roaring, post-election rally. The S&P and Dow were both down around 1% this month, while the NASDAQ held flat.
The Trump administration was dealt a body-blow Friday after a House bill aimed at replacing Obamacare was pulled from the floor. The GOP bill faced opposition not just from Democrats, but also from conservative and more moderate Republicans, and was not able to secure enough votes to pass.
The House vote was seen as crucial for the Trump agenda. Trump had said the repeal and replacement of Obamacare must happen before action can be taken on his other plans, including a major tax reduction. Stocks have rallied significantly since the U.S. election on hopes of lower taxes, deregulation and fiscal stimulus.
Trump said Friday the administration would move to try and slash taxes.
Prices for the benchmark 10-year Treasury note climbed, lowering yields to 2.38% from Friday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices remained lower 28 cents to $47.69 U.S. a barrel
Gold prices jumped $6.30 at $1,254.80 U.S. an ounce.
