Baystreet.ca - Canada's main stock index opened higher on Monday, boosted by miners tracking higher prices of gold and oil, as the index looks to extend its gains from the previous session.
The TSX Composite rocketed 172.79 points to open Monday and the week at 22,120.20. The Canadian dollar inched up 0.2 cents at 73.24 cents U.S. Reuters reported that China's Sinopec is in discussions with Pembina Pipeline (TSX:PPL) for a liquefied natural gas (LNG) offtake agreement and equity stake in the Canadian company's proposed Cedar LNG project.Pembina shares gained 30 cents to $48.85.
ON BAYSTREET The TSX Venture Exchange climbed 7.87 points, or 1.4%, to 589.57.All but one of the 12 subgroups opened the session higher, with gold sprinting 2.3%, materials up 2%, and energy surging 1.7%. Only health-care backed off, and 0.04% at that.
ON WALLSTREET U.S. stocks rose Monday, with Wall Street looking to build on the previous session’s strong gains, after new jobs data revived hopes of the Federal Reserve cutting interest rates. The Dow Jones Industrials barreled 144.63 points to start trading at 38,820.31.The S&P 500 moved ahead 31.49 points to 5,159.25.The NASDAQ collected 102.31 points to 16,258.64. Micron (NASDAQ:MU) shares gained more than 3% after Baird upgraded the stock to outperform from neutral and said it sees “meaningful opportunities ahead” for shares.
On Saturday, Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) reported a nearly 40% surge in year-over-year operating earnings for the first quarter. Berkshire also held its annual shareholder meeting.While the peak of the first-quarter earnings season has passed, investors are still watching key companies set to report this week, including Dow member Disney on Tuesday and Uber on Wednesday.
Prices for the 10-year Treasury jumped, lowering yields to 4.50% from Friday’s 4.50%. Treasury prices and yields move in opposite directions. Oil prices gathered 71 cents to $78.82 U.S. a barrel. Gold prices were better by $28.40 to $2,337.