The mar­kets to­day

The Prince George Citizen - - Money -

TORONTO (CP) — Ma­jor North Amer­i­can in­dices mostly con­tin­ued to gain ground Mon­day, with Canada’s main stock in­dex adding nearly 100 points, as in­vestor re­gained con­fi­dence in eq­ui­ties.

The S&P/TSX com­pos­ite in­dex ad­vanced 98.42 points to 15,217.70 with health care and en­ergy stocks lead­ing the gain. In New York, the Dow Jones in­dus­trial av­er­age rose 190.87 points to 25,461.70 and the S&P 500 in­dex gained 15.25 points to 2,738.31. The Nas­daq com­pos­ite re­treated 28.14 to 7,328.85.

The gains are a con­tin­u­a­tion of re­stored op­ti­mism in the mar­kets fol­low­ing the sell­off last month, said Craig Fehr, Cana­dian mar­kets strate­gist for Ed­ward Jones. When stocks plunged in Oc­to­ber, Fehr said, the fun­da­men­tals of cor­po­rate earn­ings and eco­nomic growth were a bit over­shad­owed by some panic. In­vestors are now re-en­ter­ing the mar­ket in recog­ni­tion of the pos­i­tive fun­da­men­tal back­drop, he said.

It’s likely this month and the next will be good for the mar­kets, Fehr said.

“If his­tory holds, the Novem­ber/De­cem­ber pe­riod af­ter a mid-term elec­tion tends to be quite pos­i­tive for eq­ui­ties,” he said. “Un­der the premise that when you just re­move the spec­tre of un­cer­tainty of an elec­tion, mar­kets get back to fo­cus­ing on what tends to drive them more over the long term, which is fun­da­men­tals and not pol­i­tics.”

Amer­ica holds its mid-term elec­tions Tues­day. The out­come could drive some short-term volatil­ity, said Fehr, but is less im­pact­ful over the long term.

In cur­rency mar­kets, the Cana­dian dol­lar traded at an av­er­age of 76.36 cents US, up 0.05 of a U.S. cent from an av­er­age of 76.31 cents US on Fri­day.

In com­modi­ties, the De­cem­ber crude con­tract fell four cents to US$63.10 per bar­rel and the De­cem­ber nat­u­ral gas con­tract rose roughly 28 cents to about US$3.57 per mmBTU.

The De­cem­ber gold con­tract shed a dol­lar to US$1,232.30 an ounce and the De­cem­ber cop­per con­tract de­clined about five cents to roughly US$2.76 a pound.

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