Gains in the energy sector as the price of oil rose above US$80 a barrel helped Canada's main stock index surge more than 400 points higher on the first day of the fourth quarter, while U.S. stock markets also climbed higher.
Markets started to rebound Monday after a tough third quarter, said Angelo Kourfakas, an investment strategist at Edward Jones.In New York, the major indexes all gained more than two per cent. The Dow Jones industrial average was up 765.38 points at 29,490.89. The S&P 500 index was up 92.81 points at 3,678.43, while the Nasdaq composite was up 239.82 points at 10,815.44.
“The market thinks that the Fed won't be able to hike as much as they are now communicating because the economy is weakening at a fast pace, or is about to weaken.” “Of course, this will have to be confirmed by lower inflation readings to come. But that's really the premise behind the rally today.”The November crude contract was up US$4.14 at US$83.63 per barrel and the November natural gas contract was down 30 cents at US$6.47 per mmBTU.
The December gold contract was up US$30 at US$1,702 an ounce and the December copper contract was largely unchanged at US$3.41 a pound.
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