Indices on Wall Street sharply rose to begin the week, propelled by hopes that both sides of the aisle in Washington will agree on a long-awaited stimulus package. On Sunday, U.S. House Speaker Nancy Pelosi said that the Democrats would announce their own stimulus package if her party can’t reach a joint deal with Trump’s administration. Meanwhile, China reported its fourth-straight month of rising industrial profits in August. The three major indices on Wall Street rallied between 1.51%-1.87% on Monday with the Nasdaq finishing strongest.
Amazon rose 2.55% in heavy trading as did Apple at 2.39%. The rally embraced all the Dow components with even the beaten-up energy sector spiking; Chevron gained nearly 3%. Boeign soared 6.44% after the FCC announced it would test the troubled 737 Max this week. Uber overturned its ban in London, U.K. (though for only 18 months) and enjoyed a 3.19% lift.
A spike in energy prices and the headlines from China boosted the TSX 1.1%. The price of WCS rose 1.1% and WTI by 0.8%. Cascades spiked 3.47% after RBC upgraded the stock to “sector perform.” Lundin Mining cancelled guidance after a fatal accident at its mine in Portugal. Ludin slid 6.23%. In cannabis news, the Green Organic Dutchman was among the most heavily traded stocks, plunging over 15% after it announced a bought deal public offering.