Canada’s main stock index posted modest gains on Monday, moving between positive and negative territory through the morning session, while major U.S. indexes advanced more firmly as oil prices dropped.
The S&P/TSX composite index was up 21.97 points to 35,828.62 near midday trading in Toronto.
Wall Street Gains Outpace TSX
South of the border, U.S. markets showed stronger momentum. The Dow Jones industrial average climbed 254.84 points to 51,937.48. The S&P 500 index rose 80.55 points to 7,731.05, and the Nasdaq composite jumped 429.42 points to 26,951.97.
The moves came as crude oil prices fell sharply, a decline that appeared to support broader gains in equity markets even as Canada’s resource-heavy index lagged behind its American counterparts.
Currency and Commodities Move Lower
The Canadian dollar slipped against its U.S. counterpart, trading at 71.33 cents US compared with 71.42 cents US on Friday.
In commodities trading, the November crude oil contract dropped US$4.23 to US$91.85 per barrel. The December gold contract also fell, losing US$47.20 to settle at US$4,377.70 an ounce.
The report on Monday’s trading activity was compiled by The Canadian Press.
This article is for informational purposes only and does not constitute financial, investment, or legal advice. Consult a licensed financial advisor before making investment decisions.
This article references reporting from:
