Canada’s main stock index opened higher on Monday as markets cheered an agreement between Washington and Tehran to end the Iran war and reopen the crucial Strait of Hormuz.
The TSX Composite Index bounced 353.72 points, or 1%, to 35,291.72.
The Canadian dollar dipped 0.09 cents to 71.52 cents U.S.
ON BAYSTREET
The TSX Venture Exchange hiked 34.9 points, or 3.6%, to 994.13.
Eight of the 12 TSX subgroups climbed, with gold shining 7.8% brighter, materials stronger 6.5%, and consumer discretionary stocks better by 1.3%.
The four laggards were weighed most by energy, down 4.3%, telecoms off 0.8%, and consumer staples sliding 0.7%.
ON WALLSTREET
Stocks rose on Monday to kick off the holiday-shortened trading week after President Donald Trump announced that an agreement had been reached to end the war between the U.S. and Iran.
The Dow Jones Industrials jumped 560.79 points, or 1.1%, to open the week at 51,763.05.
The S&P 500 index hiked 110.34 points, or 1.5%, to 7,541.80.
The NASDAQ hopped 620.74 points, or 2.4%, to 26,514.98.
SpaceX shares popped 8% after soaring 19% in their public market debut on Friday.
Trump said late Sunday on social media that a deal with Iran was “now complete.” The memorandum of understanding will be signed on Friday in Switzerland, according to Pakistan Prime Minister Shehbaz Sharif.
The announcement came after an exchange of fire between Israel and the Tehran-backed Hezbollah in Lebanon raised uncertainty over whether the agreement would get across the finish line on Sunday.
Trump also said he authorized the reopening of the key Strait of Hormuz passageway, sending oil prices tumbling. On Monday, Vice President JD Vance the media he expects the strait is “going to be opened in a toll-free way for the long term.”
Prices for the 10-year Treasury faded, boosting yields to 4.44% from Friday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices stumbled $4.74 to $80.14 U.S. a barrel.
Gold prices shone $140.20 brighter to $4,379.00 U.S. an ounce.
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