North American stocks rebound as China stirs up market enthusiasm

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North American stock markets were in rally mode to start the week, following the rise in global indices after Chinese state media sparked market enthusiasm.The S & P / TSX Composite Index was up 1.2%, the S&P 500 and the Dow Jones Industrial Average were up 1.4% and the tech-rich Nasdaq Composite Index was up 1.5 %.

The surge in global stocks came after a front page editorial from the China Securities Times said that fostering a healthy bull market in the aftermath of the pandemic would be critical to the economy.

In Toronto, the recovery was widespread, with the 11 TSX subgroups all in positive territory, driven by an increase of more than 2% in the information technology sector.

Investors sold some traditional safe-haven assets during the equity drain, pushing the Japanese yen, the US dollar and US Treasuries down. The Canadian dollar remained stable against its American counterpart at 73.80 cents US

Oil prices came under modest pressure as the US benchmark West Texas Intermediate fell 0.9% to US $ 40.27 per barrel. The Western Canadian Select of Alberta slipped a third of a percent to US $ 31.49 per barrel.



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