Nov. 23, 2009 (Baystreet.ca) --
Canadian stocks turned emphatically back to the upside early Monday morning, following the lead of U.S. and European markets, as commodity prices are in the green.
The S&P/TSX Composite Index leaped out of the gate 123.89 points, or 1.1%, in the first half-hour of trading to 11,703.22
In commodities, gold and crude prices have added strength (see below) and copper added 4.8 cents to $3.182 U.S.
Economically speaking, Stats Canada reported retail sales rose 1% in September, compared to a 0.95% jump in the previous month. A rise of 0.4% was forecast. Excluding autos, sales were up 1.1%, compared to a revised 0.65% jump in August.
In corporate news, First Quantum Minerals has reached a deal to acquire Kiwara in a cash and stock deal with GBP 43.68.
Northland Resources announced the resignation of Arden Morrow as president and chief executive officer. Morrow will continue as a member of the board of directors.
The Canadian dollar gained 1.32 cents to 94.80 cents U.S.
ON BAYSTREET
All 14 TSX subgroups began the day in the green. Metals and mining stocks led the parade, up 2%, while gold and energy stocks closely pursued them, ahead 1.9% each.
The TSX Venture Exchange raced ahead 24.70 to 1,432.76, while the Nasdaq Canada picked up 9.29 to 663,74.
ON WALLSTREET
In New York, stocks opened sharply higher Monday, joining overseas markets, as the surge in commodity prices -- including another record for gold -- continued.
The Dow Jones Industrials sprung ahead 117.07 points, or 1.1%, to begin a short week at 10,435.23. The S&P 500 index righted itself 14.94 to 1,106.32, while the Nasdaq added 27.57 points to 2,173.61.
The U.S. markets are coming off a lackluster week in which the Dow finished up about a 0.5%, the Nasdaq dropped 1%, and the S&P ended slightly lower.
U.S. markets will be closed Thursday for Thanksgiving and will open for only a half-session on Friday.
After the closing bell, Hewlett-Packard will formally announce its quarterly financial results.
Last week, the tech giant pre-announced those results, saying it earned $1.14 U.S. per share, excluding charges, on revenue of $30.8 billion U.S.
On the economic front, the National Association of Realtors was to report existing home sales for October at 10 a.m. ET. Sales of homes by homeowners are expected to have increased to an annual rate of 5.65 million last month from 5.57 million in September.
Treasury prices were down, raising the yields on the benchmark 10-year note to 3.39% from Friday's 3.36%.
The price of a barrel of oil improved $2.03 to $79.50 U.S.
Gold prices added to its record high, tacking on $22 to read $1,169 U.S.
