Canada Stocks Takes Two Days of Gains To Total Near 500 Points

Last Updated: Monday, May 16, 2022 4:10 PM | MT Newswires

Canada's main stock market, the Toronto Stock Exchange, lost nearly 70 points from session highs over the final hour of Monday's session, but still closed up 106 points or 0.5% and above the 20,200 level in adding to the 400 points gained Friday.

The resources heavy TSX was buoyed by higher commodity prices, with the Energy sector rising by more than 2%, while Info Tech capped gains in losing near 4%.

In contrast to here, in the US, the Nasdaq lost 1.2% and the S&P 500 lost 0.4%

But in terms Canadian investors not getting too ahead of themselves by comparing the performance of Canadian equities versus US equities today, Wells Fargo Investment Institute (WFII) has published this week's Investment Strategy Report. It noted the U.S. equity markets have entered a "historically weak seasonal period from May to October, which can be more pronounced during midterm election years." But it also said setting a regular rebalancing schedule could be one way to take advantage of equity market seasonality. It continues to favor high-quality U.S. equities as market volatility persists.

Of commodities today, gold edged higher on Monday on a weaker dollar and lower bond yields. Gold for June delivery closed up $5.80 to US$1,814.00 per ounce. The rise comes even as the safe-haven buying that pushed prices above US$2,000 per ounce in March fades, while the dollar last week touched 20-year highs and rising bond yields ahead of more interest-rate hikes from the Federal Reserve raise the appeal of alternatives to the metal.

Also, West Texas Intermediate crude oil closed higher as US gasoline futures rose to a record. WTI crude for June delivery closed up $3.71 to US$114.20 per barrel, Marketwatch reported. July Brent crude, the global benchmark, was last seen up $3.06 to US$114.61, while Western Canada Select was up $3.37 to US$100.43 per barrel.

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