As their brethren on the other side of the border were feeling around for the bruises Monday, stocks in Toronto continued to roll, primarily energy and metals.
The S&P/TSX Composite Index popped 190.66 points, to conclude Monday at 22,009.13, yet another all-time high for the index.
The Canadian dollar added 0.10 cents to 79.43 cents U.S.
A labour dispute that shut down operations at Canadian Pacific Railway on Sunday is set to aggravate a shortage of commodities sparked by Russia’s invasion of Ukraine, and a prolonged lockdown could hurt farmers ahead of the spring planting season.
CP shares battled their way higher 72 cents to $101.17.
Elsewhere, energy stocks tossed other subgroups on their back and carried the Toronto market
Among the hard-charging energy issues, Advantage Oil & Gas leaped 52 cents, or 7%, to $7.92, while Vermilion Energy surged $1.96, or 7.8%, to $27.04.
In other resource sectors, Lithium Americas Corp. soared $2.62, or 7.5%, to $37.86, while MAG Silver gained $1.27, or 6.4%, to $21.18.
In gold stocks, IAMGOLD Corporation raced 13 cents, or 3.1%, to $4.27, while Eldorado Gold captured 44 cents, or 3.2%, to $14.32.
In the health-care sector, which took the biggest knocks, Tilray ailed 28 cents, or 5.1%, to $6.68, while WELL Health Technologies retreated 25 cents, or 5.1%, to $4.65.
In the consumer discretionary sector, BRP docked $1.36, or 1.5%, to $89.70, while Canadian Tire shares were $3.12, or 1.7%, to the bad.
In real-estate, Dream Office REIT handed back 89 cents, or 3%, to $28.85, while Allied Properties REIT slid $1.05, or 2.2%, to $47.55.
The TSX Venture Exchange added 10.08 points, or 1.2%, to 864.02.
The 12 TSX subgroups were evenly split at the close, with energy rumbling 4.2%, materials accumulating 2.4%, and gold brighter 2.1%.
The half-dozen laggards were weighed most by health-care, 2.5%, consumer discretionary stocks, off 1%, and real-estate, backwards 0.9%.
U.S. stocks seesawed Monday with the major averages hitting their lows of the day after Federal Reserve Chair Jerome Powell sounded alarms on surging inflation and vowed tough action.
The Dow Jones Industrials snapped its five-session win streak, dropping 201.94 points to close at 34,552.99. The blue-chip average was down more than 400 points at session lows.
The S&P 500 dipped below the breakeven line 1.94 points to 4,461.18
The NASDAQ Composite let go of 55.38 points to 13,838.46.
Powell on Monday said “inflation is much too high” and pledged to take “necessary steps” to bring prices under control.
He noted rate hikes could go from the traditional quarter-percentage-point moves to more aggressive half-basis-point increases if necessary.
The comments at the National Association for Business Economics came less than a week after the Fed raised interest rates for the first time since 2018.
On Monday, Boeing dropped 3.6% after a China Eastern Airlines Boeing 737 passenger plane crashed. Boeing’s decline weighed on the Dow.
On the upside, energy stocks rallied Monday as oil prices rose. Occidental Petroleum and Marathon Oil were among the top gainers on the S&P 500, each rising more than 8%.
Last week, the three major averages notched their best week since November 2020, boosted largely by growth stocks.
Market participants are also monitoring the war between Russia and Ukraine. Ukraine’s President Volodymyr Zelenskyy warned if peace talks with Russian leader Vladimir Putin fail, it would mean the start of a “third world war.”
Ukrainian and Russian officials have met intermittently for peace talks, which have failed to progress to key concessions. Ukraine has also rejected an ultimatum to surrender the city of Mariupol to Russian troops.
Treasury prices plummeted, raising yields to 2.30% from Friday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices gained $7.81 to $112.51 U.S. a barrel.
Gold prices improved $6.20 to $1,935.50 U.S. an ounce.