US and Canadian Stock Markets on the Rise
Stocks in both Canada and the US were up substantially Monday as investors respond to open talk about a second economic stimulus package. All the major North American stock market indexes were up, as was both gold and oil.
The Dow Jones Industrial Average (DJIA) was up 4.7%, 413 points to close at 9,265, the S&P/TSX Index was up 7.2%, 689 points to close at 10,251, the NASDAQ was up 3.4%, 59 points to close at 1,770 and the S&P 500 was up 4.8%, 45 points to close out Monday at 985.
Investors in the United States responded to speculation of a second stimulus package. Federal Reserve Chairman Ben Bernanke suggested that a second package could be up for discussion. As well, Treasury Secretary Henry Paulson made comments regarding improved lending rates, which may be a sign that conditions are improving with regards to the credit freeze.
On the commodities side, Gold was up $12.10 to close out the day at $795 per ounce, just below the $800 barrier. Oil was also up $3.55, to close at $75.40 per barrel, on expectations that OPEC will announce later this week a cut to their output production.
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