Markets in Canada’s largest centre pushed higher by the closing bell, mostly on the strength of tech and resource stocks.
The S&P/TSX Composite Index gained 124.7 points to close Monday at 14,745.04.
The Canadian dollar moved higher 0.17 cents to 70.97 cents U.S.
U.S. Secretary of State Mike Pompeo said on Sunday there was "a significant amount of evidence" that the new coronavirus emerged from a Chinese laboratory, but did not dispute U.S. intelligence agencies' conclusion that it was not man-made.
Tech stocks led the brigade, with Shopify climbing $57.91, or 6.7%, to $921.05, and Kinaxis acquired $4.30, or 3%, to $146.80.
Gold stocks also muscled up, with Centerra Gold picking up 79 cents, or 6.7%, to $12.51, and Wesdome increasing in price 28 cents, or 2.6%, to $11.03.
In materials, Winpak gained $2.41, or 5.2%, to $49.24, while Agnico Eagle Mines jumped $2.87, or 3.3%, to $89.05.
Real-estate stocks were weighed down, though, with CT REIT off 49 cents, or 4%, to $11.87, while Summit Industrial Income REIT slipping 38 cents, or 3.8%, to $9.62.
Consumer discretionary stocks faded, too, as MTY Food Group skidded $1.21, or 5.2%, to $21.98, while The Stars Group dropped $2.53, or 6.2%, to $38.39.
Energy trod lower, as well, as Husky Energy handed back 16 cents, or 3.8%, to $4.03, while Tournaline Oil faded 57 cents, or 4.1%, to $13.28.
ON BAYSTREET
The TSX Venture Exchange gained 2.97 points to 476.06.
Eight of the 12 TSX subgroups were stronger by the closing bell, as information technology hiked 3%, gold shone 2% brighter, and materials solidified 1.5%
The four laggards were weighed most by real-estate, up 1.7%, consumer discretionary stocks, off 1.5%, and industrials, sliding 0.7%.
ON WALLSTREET
Stocks rose slightly on Monday to kick off the week, as the advance in the biggest U.S. technology shares lifted the market higher.
The Dow Jones Industrial Average pulled out of its gully and gained 26.07 points to 23,749.76.
The S&P 500 recovered 12.05 points to 2,842.74.
The NASDAQ Composite was stronger 105.77 points to 8,710.71, lifted by big technology shares. upported by strong gains in big tech stocks. Microsoft and Netflix jumped 2.4% and 3.0%, respectively, while Apple and Facebook both rose 1.4%.
The continued strength in tech outweighed the losses in airline shares, following Warren Buffett’s comments over the weekend that his Berkshire Hathaway dumped the entirety of its stakes in the sector because of the coronavirus outbreak.
Airline shares were among the biggest losers in the S&P 500, with Delta, United, American Airlines all dropping more than 5%. Plane maker Boeing also fell 1.4%.
While Buffett was optimistic over the long term about the outlook for America, the move shows his concern that the pandemic has changed certain industries permanently and could be a sign that other investors are too optimistic about the economy returning to normal quickly.
Increasing hopes of a possible treatment from Gilead Sciences also lifted sentiment last month. On Sunday, CEO Daniel O’Day said remdesivir — Gilead’s promising antiviral drug — will be available to coronavirus patients this week.
Investors are also grappling with worries over another spat between China and the U.S. On Sunday, Secretary of State Mike Pompeo said there was a “significant amount of evidence” connecting the coronavirus to a lab in the Wuhan region of China.
States across the U.S. are letting nonessential businesses reopen and are easing stay-at-home orders in an effort to restart the economy after the coronavirus forced a near-global halt in economic activity.
However, this easing comes as data from the World Health Organization showed the U.S. had its deadliest 24 hours of the outbreak between Thursday and Friday.
Prices for the 10-Year Treasury were unchanged on the day, keeping yields at Friday’s 0.63%.
Oil prices gained $1.57 to $21.35 U.S. a barrel.
Gold prices grew by $10.50 to $1,711.40 U.S. an ounce.
