Stocks and gold climb
Bank turmoil over Credit Suisse and First Republic dragged into Monday, but investors felt enough optimism to raise stocks overall and push gold to $2,000 an ounce for the first time in many months. Also, Bitcoin topped $28,000 over the weekend, though retraced slightly on Monday. The S&P closed 0.8% to approach 4,000, the Nasdaq 0.39%, and the Dow 1.2%.
Industrials and energy caught a bid as Exxon added 2.61% and Honeywell rose 2.97%. Financials were a different story as First Republic plunged 47.11%. In Europe UBS bought Credit Suisse. The former rallied 3.3% while the latter sank about 53%. The U.S. 10-year yield floated around 3.49%.
The TSX added 0.7% as most sectors were positive, included the beaten financials and especially energy. Most influential were Suncor up 2.71%, CNQ at 2.58% and Cenovus 3.54%. However, management problems plagued Quarterhill which sank 17.49% while cannabis stocks retreated, such as Aurora at -9.01%. Oil reversed its recent slump as WTI rose 1.25% to $67.50 and WCS jumped 4% past $52.
🛢 Exxon Mobil (XOM-N) +2.61%
🍯 Honeywell International (HON-N) +2.97%
🏛 First Republic Bank (FRC-N) -47.11%
🏛 UBS Group AG (UBS-N) +3.3%
🏛 Credit Suisse Group (CS-N) -53%
⚡ Suncor Energy Inc (SU-T) +2.71%
🛢 Canadian Natural Rsrcs (CNQ-T) +2.58%
🛢 Cenovus Energy (CVE-T) +3.54%
💾 Quarterhill Inc (QTRH-T) -17.49%
🌿 Aurora Cannabis (ACB-T) -9.01%