Nov 11, 2024 (Baystreet.ca via COMTEX) --
Canada's main stock index hit a three-week high on Monday, led by technology and financial shares, as markets continued to rally on Donald Trump's reelection in the United States.
The TSX remained higher 94.61 points to pause for noon hour EST Monday at 24,854.01.
The Canadian dollar lost 0.04 cents to 71.86 cents U.S.
Quarterly earnings from e-commerce services giant Shopify will grab investor interest on Tuesday, while data from manufacturing sales is expected on Friday. Shopify shares galloped $6.98, or 5.8%, to $128.83.
In corporate news, Constellation Software slightly missed third-quarter revenue estimates on Friday. Constellation shares gathered $73.50, or 1.7%, to $4,430.50.
The technology sector led the overall gains, buoyed by blockchain-farm operator Bitfarms's shares that climbed 45 cents, or 14.3%, to $3.59 after Bitcoin soared to a record high above $82,000.
Meanwhile, the Montreal Longshoremen's Union rejected the final offer made for a new labour contract, leading to a lockout being declared.
Otherwise, the economic slate is bare, as Canadians remember veterans of wars around the globe.
ON BAYSTREET
The TSX Venture Exchange dived 12.68 points, or 2.1%, to 596.56.
Seven of the 12 subgroups were higher midday, with information technology clicking higher 2.5%, financials richer 1.2%, and industrials ahead 1%..
The five laggards were burdened mostly by gold, duller by 6.2%, materials, sliding 4.3%, and health-care, fading 0.7%.
ON WALLSTREET
The Dow Jones Industrial Average surged more than 400 points on Monday and was on pace for a record close as Wall Street's postelection rally presses forward.
The Dow Jones Industrials hurtled 364.42 points to 44,353.41.
The S&P 500 index gained 11.73 points to 6,007.27.
The NASDAQ slid 19.07 to 19,264.15.
JPMorgan Chase and Goldman Sachs popped 1.7% and 2.2%, respectively, to lead the Dow higher. Bank of America and Citigroup shares were also up more than 2% each. The cohort has posted sharp gains since Donald Trump's election win last week, as investors hope his return to the White House could lead to easier regulation of the banking sector.
Bitcoin surged above $82,000, boosted by hopes of deregulation as well. Crypto related stocks Coinbase and Mara Holdings rallied 21% and 16%, respectively. Tesla soared more than 8%, also adding to its postelection gain.
There is no economic data of note expected Monday, but investors will be awaiting inflation readings due out later in the week.
Bond markets were closed Monday for Veterans Day
Oil prices stumbled $2.11 to $68.27 U.S. a barrel.
Prices for gold faltered $74.20 an ounce to $2,620.60 U.S.
COMTEX_459690852/2559/2024-11-11T12:27:21
