A broad rally led by the energy sector sent Canada's main stock index higher while U.S. markets ran out of gas after getting a morning boost.
Craig Fehr, investment strategist at Edward Jones, said the TSX outperformed on the back of what has largely powered the index for much of the year: energy and materials.
“So I've probably characterized this more as just the markets levelling things out after what's been a pretty sharp move to the downside for crude oil prices.” The Canadian dollar traded for 77.23 cents US compared with 76.70 cents US on Friday as the U.S. dollar weakened from its strong run. Overall, the S&P/TSX composite index was up 201.17 points at 18,595.62, falling from an intraday high of 18,733.59.
The intraday market volatility is pretty consistent with what we've seen regularly over the past several months - big gains and big losses that have sometimes reversed midday, said Fehr.
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