Stock markets across North America staged relief rallies Monday, headed in Canada by tech and resource stocks.
The TSX sprang 566.4 points, or 1.8%, to conclude Monday at 31,883.81.
The dollar inched up 0.07 cents to 72.87 cents U.S.
Iran's Fars News Agency, citing a source, said there was no direct or indirect communication with the U.S. Meanwhile, Israel said its military was carrying out strikes on Iran.
Investors will monitor transportation headlines after an Air Canada Express CRJ-900 collided with a Port Authority emergency vehicle on the LaGuardia runway late Sunday, killing the pilot and co-pilot and injuring more than a dozen others, according to U.S. authorities.
Tech stocks led the parade of winners, as Firan Technologies soaring $1.44, or 8.6%, to $18.14, while Tecsys grabbed $1.18, or 4.5%, to $27.72.
In gold stocks, Equinox brightened 97 cents, or 5.9%, to $17.39, while Aya Gold and Silver forged ahead 79 cents, or 4.6%, to $18.10.
Among materials, G Mining Ventures advanced $3.11, or 8.1%, to $41.33, while K2Mining grew $1.27, or 6.2%, to $21.72.
Energy stocks weighed, though, Vermilion Energy slipped $1.19, or 6.2%, to $17.88, while IPCO doffed $1.67, or 4.6%, to $34.93.
In utilities, Brookfield Infrastructure declined $1.34, or 2.7%, to $48.74, while Brookfield Renewable inched back 52 cents, or 1.2%, to 441.97.
ON BAYSTREET
The TSX Venture Exchange regained 18.78 points, or 2.1%, to 930.31.
All but two of the 12 TSX subgroups were higher Monday, led information technology, better by 3.8%, while gold and materials each climbed 3.4%.
The two laggards were energy, sliding 1.2%, and utilities, off 0.3%.
ON WALLSTREET
Stocks rallied Monday after President Donald Trump said the U.S. and Iran have held talks and that he was halting strikes on Iranian power plants and energy infrastructure, giving investors hope that the Middle East conflict that spiked oil prices and raised fears of a global recession was nearing an end.
The Dow Jones Industrials came off its highs of the day, but still gained a substantial 631.06 points, or 1.4%, to 46,208.53.
The S&P 500 index hiked 74.56 points, or 1.2%, to 6,581.04
The NASDAQ pushed ahead 299.15 points, or 1.4%, to 21,946.76.
Before Trump’s comments, futures were pointing to more losses for equity markets under siege from skyrocketing oil prices and uncertainty about the duration of the Iran conflict. But after Trump’s comments, Dow futures briefly surged more than 1,000 points.
Trump’s announcement came as the Iran war entered its fifth week, with tensions escalating over the weekend on an ultimatum from the president.
Trump had threatened an attack on Iranian power plants in 48 hours if the Strait of Hormuz — a key shipping route for oil and other energy products — wasn’t reopened. Iran in turn said it would target U.S. infrastructure, including energy and desalination facilities in the Gulf, if the U.S. carried out its threat.
It was a broad rebound during the session, with cyclical shares like banks and industrials surging as well as technology shares.
JPMorgan Chase climbed more than 1%, while Morgan Stanley was 2% higher. Caterpillar added 2%, while Deere climbed 1%. Nvidia and Apple were both higher by more than 1%. Airline stocks such as Delta Air Lines climbed 3% and United Airlines was up 4%, as oil prices slid.
Prices for the 10-year Treasury flew, lowering yields back to 4.35% from Friday’s 4.38%. Treasury prices and yields move in opposite directions.
Oil prices waned $9.55 to $88.68 U.S. a barrel.
Gold prices lost $167.20 to $4,407.80 U.S. an ounce.
