Tech stocks push Canada, U.S. markets higher as precious metals also rise
BNN Bloomberg
Markets in the U.S. and Canada rose on Monday, helped by gains in technology stocks.
Kathryn Del Greco, senior investment adviser at TD Wealth, said that the focus on tech stocks came after a challenging environment took hold last week, particularly for software companies.
“There’s definitely some bargain hunters stepping into the market today,” she said.
The S&P/TSX composite index was up 552.34 points at 33,023.32.
In New York, the Dow Jones industrial average was up 20.20 points at 50,135.87. The S&P 500 index was up 32.52 points at 6,964.82, while the Nasdaq composite was up 207.46 points at 23,238.67.
The U.S. stock market was coming off its best day since May to close last week, but several concerns are still lingering. That includes criticism that stocks have simply become too expensive following their run to records.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
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Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.