Baystreet.ca - Canada's main stock index climbed to its highest in three weeks on Monday amid a broader rally led by resources stocks, as investors factored in a higher chance of Fed rate cuts after soft payrolls data last week.
The TSX Composite boomed 208.97 points, or 1%, at 22,156.38. The Canadian dollar gained 0.17 cents at 73.20 cents U.S. The materials sector jumped 1.8%, with miners like Fortuna Silver Mines (TSX:FVI) better by 30 cents, or 4.8%, to $6.59, and New Gold (TSX:NGD) gaining 12 cents, or 4.6%, to $2.61, tracking higher prices of precious metals.Crypto miners Bitfarms picked up 18 cents, or 7.2%, to $2.69 and Hut 8 (TSX:HUT) rose a dollar, or 8.5%, to $12.36, tracking hikes in Bitcoin.
ON BAYSTREET The TSX Venture Exchange climbed 8.09 points, or 1%, to 589.79.All but one of the 12 subgroups were in plus country, with energy perking 2.3%, gold sprinting 1.8%, materials up 1.6%. Only consumer discretionary backed off, and 0.3% at that.
ON WALLSTREET Stocks advanced Monday, with Wall Street building on the previous session’s strong gains, as traders lift Federal Reserve rate cut expectations.The Dow Jones Industrials remained in the green 47.43 points to 38,723.11.The S&P 500 moved ahead 29.18 points to 5,157.07.The NASDAQ collected 113.62 points to 16,269.95. Micron (NASDAQ:MU) shares gained more than 4% after Baird upgraded the stock to outperform from neutral and said it sees “meaningful opportunities ahead” for shares. 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.
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.Wall Street is coming off a winning session, after fresh nonfarm payrolls data on Friday showed the U.S. economy added fewer-than-expected jobs in April and an increase in unemployment, easing fears of an overheating economy.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 63 cents to $78.74 U.S. a barrel. Gold prices were better by $24.90 to $2,333.30.