The S&P/TSX Composite Index climbed emphatically into positive territory, after a long morning of hesitancy, to finish Monday in the green.
The index grabbed 103.01 points, to 15,359.66.
The Canadian dollar muscled higher 0.25 cents at 73.65 cents U.S.
Gold stocks led issues higher, with Torex Gold skyrocketing $1.56, or 9.2%, to $18.49, while Kinross Gold leaped 39 cents, or 4.6%, to $8.82.
In other resource plays, Cascades hiked 84 cents, or 6.3%, to $14.14, while Pan American Silver triumphed $1.56, or 4.4%, to $37.10.
Utilities were also strong, with Innergex up 76 cents, or 4%, to $19.80, while ATCO better by $1.32, or 3.6%, to $37.70.
Communications took a bruising, especially Cineplex, off $2.32, or 16.8%, to $11.50, while Rogers dumped $1.85, or 3.1%, to $57.73.
In energy stocks, Shawcor took a pounding, 38 cents, or 10.6%, to $3.22, while Pason Systems lost 33 cents, or 4.3%, to $7.29.
In the financial sector, Laurentian Bank slid 48 cents, or 1.6%, to $30.18, while IGM shed 53 cents, or 1.6%, to $32.59.
One stock of note: Arch Biopartners Inc. reported clicking with the U.S. Food and Drug Administration, which it says has acknowledged the Investigational New Drug Application (IND) for its lead drug Metablok (LSALT peptide), enabling Arch to initiate a Phase II trial in the U.S. to prevent acute lung and kidney organ injury experienced by patients with COVID-19.
The Company expects to begin the Phase II trial sometime this summer. Even so, the tidings didn’t give shares the anticipated upward boot, staying put at $1.52.
On the economic beat, Statistics Canada said manufacturing sales fell by a record 28.5% to $36.4 billion in April, following a 9.8% decline in March.
Elsewhere, the Canadian Real Estate Association reported national home sales rose 56.9% on a month-over-month basis in May. Actual (not seasonally adjusted) activity was still down 39.8% year-over-year.
ON BAYSTREET
The TSX Venture Exchange surged 4.91 points to 559.82.
Seven of the 12 TSX subgroups finished the day positive, with gold shining 2.2%, materials and utilities each up 1.9%.
The five laggards were led by communications, sliding 1.4%, energy, 0.7% less energetic, and financials, down 0.6%.
ON WALLSTREET
Stocks jumped on Monday, recovering from earlier losses, as the Federal Reserve announced further measures to support the market amid the coronavirus pandemic.
The Dow Jones Industrials pulled out of its rut and gained 157.62 points to 25,763.16.
The S&P 500 recovered 25.28 points to 3,066.59.
The NASDAQ jumped 137.21 points, or 1.4%, to 9,726.02.
Shares of Facebook, Amazon, Netflix and Apple led the gains, rising more than 1% each. JPMorgan Chase, Citigroup, Wells Fargo and Bank of America gained at least 0.8%.
Earlier in the day, the major stock averages fell sharply. The Dow traded more than 760 points lower before rebounding. The S&P 500 fell 2.5%, and the NASDAQ had skidded 1.9%.
The Fed said it would buy individual corporate bonds, marking a broader approach to corporate bond buying.
The Fed previously had indicated that it eventually would buy bonds on the primary market, but Monday’s announcement marked an expansion of that into the secondary market. This latest announcement also shows the Fed will continue to support credit markets during the coronavirus.
States in the reopening process, following the outbreak, including Alabama, California, Florida and North Carolina have been reporting a rise in daily new coronavirus cases. Texas and North Carolina reported a record number of virus-related hospitalizations Saturday.
Dr. Scott Gottlieb, former chief of the Food and Drug Administration, told the media emerging coronavirus hotspots could “quickly get out of control.”
Meanwhile, Governor Andrew Cuomo warned New Yorkers against triggering a second wave of the coronavirus. He said on Sunday the state has received 25,000 complaints about businesses violating rules of the phased reopening, threatening to take liquor licenses from bars and restaurants.
Prices for the 10-Year Treasury lost ground, boosting yields to 0.71% from Friday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices regained 74 cents to $37.00 U.S. a barrel.
Gold prices removed $3.50 to $1,733.80 U.S. an ounce.
