Equities in Canada’s largest centre finally registered in the win column Monday, with triple digit gains in Toronto, led by tech and consumer stocks.
The TSX Composite gained 119.37 points to close the Monday session at 18,856,76.
The Canadian dollar moved up 0.2 cents at 72.33 cents U.S.
In tech stocks, BlackBerry took on 30 cents, or 6.4%, to $5.02, while Computer Modelling Group advanced 31 cents, or 3.4%, to $9.36.
Consumer staples scored well, too, with Alimentation Couche-Tard up $2.06, or 2.8%, to $74.92, while Empire Company captured 97 cents, or 2.6%, to $37.98.
In industrials, Brookfield Business Partners jumped 65 cents, or 3.7%, to $18.22, while Bombardier gained $1.29, or 3%, to $44.02.
Materials lost ground, primarily, First Quantum, which was squashed $7.96, or 28.5%, to $20.00, while Orla Mining was pummeled 55 cents, or 11.4%, to $4.25.
Gold also lost some of its luster, with Wesdome Gold off 43 cents, or 5.6%, to $7.26, while Sandstorm Gold was hit 17 cents, or 2.6%, to $6.34.
Energy also was bruised, with Vermilion Energy down 49 cents, or 2.4%, to $19.77, while Freehold lost 31 cents, or 2.1%, to $14.27.
The TSX Venture Exchange faded 7.07 points, or 1.4%, to 513.44.
All but three of the 12 TSX subgroups were in “plus” territory Monday, with information technology issues surging 2.3%, consumer staples better by 2.2%, and industrials higher 1.6%.
The three laggards were materials, shrinking 3.3%, while gold dulled in price 2.2%, and energy lost 0.3%.
Stocks rallied on Monday, with the S&P 500 ending the day out of correction territory, as traders kicked off a big week filled with a Federal Reserve rate decision, jobs report and Apple’s earnings.
The Dow Jones Industrials steamrolled 511.37 points, or 1.6%, to greet Monday’s closing bell at 32,928.96. The 30-stock index was headed for its best day since June 2.
The S&P 500 index soared 49.45 points, or 1.2%, to 4,166.82, set for its best performance since late August.
The NASDAQ popped 146.47 points, or 1.2%, to 12,7589.48.
Mega-cap tech stock stocks Amazon advanced 3% and Meta Platforms jumped 2%.
Apple will report earnings Thursday after the bell. The S&P 500's largest member is in a correction itself, down 15% from its 52-week high.
Those moves come after the S&P 500 fell into correction territory last week. The broader index shed 2.5% for the week to put it down by more than 10% from its 2023 closing high. It’s off 3.2% for October, on pace for its third-straight negative month which would be its first such streak since 2020 as the pandemic struck.
The Federal Reserve decision looms Wednesday, when the central bank is widely expected to hold its benchmark interest rate at the same level. With surging interest rates as the main culprit of this stock market correction, investors will be hoping the Fed signals it could be done raising rates. Traders expect the Fed to be done raising rates at least for 2023.
Prices for the 10-year Treasury faded, raising yields to 4.89% from Friday’s 4.84%. Treasury prices and yields move in opposite directions.
Oil prices fell $2.95 to $82.59 U.S. a barrel.
Gold prices grabbed $7.20 to $2,005.70.