TORONTO -- Rallying energy and gold stocks lifted the Toronto stock index higher Monday as U.S stock indices fell amid the latest North Korea comments.

The S&P/TSX composite index was up 62.00 points to 15,516.23, as the November crude contract soared $1.56 to US$52.22 per barrel for the first time since mid-April.

The rise in the price of oil follows Friday's meeting of the Organization of the Petroleum Exporting Countries in Vienna where members and non-members suggested that production caps may remain in place through 2018. That, coupled with recent upwardly revised demand growth forecasts, have supported oil prices.

Gold futures also spiked Monday, as the December bullion contract advanced $14.00 to US$1,311.50 an ounce following the latest North Korea rhetoric. On Monday, that country's foreign minister said that President Donald Trump's weekend tweet that leader Kim Jong Un may not be "around much longer" was a declaration of war.

Wall Street indices experienced moderate losses while investors absorbed the news, as a technology stock sell-off overshadowed gains for energy.

The Dow Jones industrial average lost 53.50 points to 22,296.09. The S&P 500 index edged down 5.56 points to 2,496.66 and the Nasdaq composite index declined 56.33 points to 6,370.59.

"Even with this so-called declaration of war, the markets seem to be shrugging it off," said Allan Small, a senior investment adviser at Holliswealth.

"Five years ago if someone had mentioned detonating a hydrogen bomb in the Pacific Ocean, I think the market would have dropped 500 to 600 points. Today, they're dropping 50 or 60.

"So what does that tell you? It tells you that the market is really tired of this rhetoric, it's been there and done that, and got the T-shirt and wants to move on. Or, it's telling you if something did happen it would be short-lived."

Small added that investors would likely look at some sort of altercation between the two countries as a buying opportunity at some point.

"I think wars have been a good time, unfortunately and sad to say, to invest," he said. "And we know from those types of events, that markets bounce back -- whether it's a few months later or six months later."

Looking ahead to Tuesday, investors will also be eyeing the latest remarks from Federal Reserve Chair Janet Yellen who is scheduled to give a speech on inflation and monetary policy on Tuesday. Investors are also waiting to hear more details about President Donald Trump's plans to cut taxes.

Meanwhile, Bank of Canada Governor Poloz is scheduled to speak Wednesday in his first outing since the interest rate hike on September 6. His speech follows Deputy Governor Timothy Lane's speech this past Monday, who perhaps signalled a more gradualist approach to rate hikes ahead. Lane said the Bank is paying close attention to the impact of the stronger Canadian dollar and that possible changes to NAFTA are a key source of uncertainty for Canada's outlook.

In currency markets, the loonie was trading at an average price of 81.19 cents US, up 0.15 of a cent.

Elsewhere in commodities, the November natural gas contract was down three cents to US$2.99 per mmBTU and the December copper contract was unchanged at US$2.94 a pound.