Bay Street Likely To Open Higher
(RTTNews) - The Canadian market is likely to open on a firm note on Monday, tracking higher crude oil and gold prices.
U.S. Treasury Secretary Janet Yellen's warning that an "economic and financial catastrophe awaits the U.S. if lawmakers fail to agree to raise the debt ceiling" may weigh on sentiment and limit market's upside.
Investors will continue to react to recent quarterly earnings updates from Canadian companies.
The Canadian market ended on a buoyant note on Friday on fairly widespread buying after data showed the Canadian economy saw a much bigger than expected addition of jobs in the month of April.
Strong U.S. non-farm payrolls employment, and encouraging results from Apple Inc. contributed as well to the bullish sentiment in the market.
The benchmark S&P/TSX Composite Index ended with a gain of 303.84 points or 1.5% at 20,542.03, recording its biggest single-session gain in five months.
Asian stocks ended mostly higher on Monday, tracking Wall Street, where stocks rallied on Friday on upbeat corporate results as well as robust jobs data.
The major European markets are up in positive territory now even as the mood remains a bit cautious in some of the markets as investors await more economic data and earnings updates for direction.
In commodities, West Texas Intermediate Crude oil futures are up $1.99 or 2.78% at $73.33 a barrel.
Gold futures are gaining $7.50 or 0.4% at $2,032.30 an ounce, while Silver futures are down marginally at $25.905 an ounce.
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