LIVE AT 2:30 2-hour wildfire evacuation notice issued for some Fort McMurray neighbourhoods
A wildfire evacuation alert for some Fort McMurray residents has been updated to a two-hour evacuation notice.
Canada's main stock index surged as reassurances about the latest COVID-19 variant powered the energy sector higher and prompted a broad-based rally.
The S&P/TSX composite index closed up 227.83 points to 20,861.10.
In New York, the Dow Jones industrial average was up 646.95 points or 1.9 per cent at 35,227.03. The S&P 500 index was up 53.24 points at 4,591.67, while the Nasdaq composite was up 139.68 points at 15,225.15.
The gains, which followed last week's selloff, were largely prompted by reassuring comments about the Omicron variant, said Angelo Kourkafas, investment strategist at Edward Jones.
He pointed specifically to White House medical adviser Dr. Anthony Fauci saying that data shows hospitals aren't overwhelmed by the latest wave of COVID cases in South Africa and reports suggest the cases from the variant are relatively mild.
"It's going to take a while longer to figure out what's the impact of the Omicron variant, but so far I think that was the positive commentary that came out on Sunday night that provides some relief," he said in an interview.
Nonetheless, Kourkafas said volatility remains elevated because there are still many unknowns about the variant.
The S&P 500 moved up or down by more than one per cent in six of the last trading sessions, including Monday.
"Clearly the headlines are moving equity prices today, but if we look at under the surface what we are observing is that for today stocks that are linked to the economic reopening are outperforming."
U.S. airlines, travel related stocks are energy were up while tech stocks continued to underperform.
Air Canada shares rose 3.3 per cent to help industrials, while a 4.9 per cent gain in crude oil prices pushed the energy sector up 2.6 per cent.
The January crude oil contract was up US$3.23 at US$69.49 per barrel and the January natural gas contract was down 47.5 cents at nearly US$3.66 per mmBTU.
Shares of Crescent Point Energy Corp. surged 7.9 per cent after the Calgary company raised its quarterly dividend and increased its production guidance for next year.
The Canadian dollar traded for 78.25 cents US compared with 78.05 cents US on Friday.
All 11 major sectors on the TSX were higher, with nine increasing by at least one per cent. Consumer discretionary rose 2.2 per cent higher while health care was 1.9 per cent higher.
Materials was up 1.1 per cent on strong copper prices.
However, gold prices fell as the 10-year bond yield increased and upcoming central bank meetings will likely lay out interest rate hike plans in 2022.
The February gold contract was down US$4.40 at US$1,779.50 an ounce and the March copper contract was up 7.1 cents at almost US$4.34 a pound.
The Bank of Canada is expected to say Wednesday it sees rates beginning to rise in the first quarter because of improvements in the labour market and inflation readings coming in above three per cent for seven months. That would be sooner than it has previously signalled.
Kourkafas says expectations call for five rate hikes over the next 12 months, something he labels a bit aggressive.
In the U.S., the Federal Reserve could double the pace of bond tapering and move up interest rate increases to mid 2022.
"Right now the market is pricing in we're going to see between two to three rate hikes from the Fed next year."
Technology was one of the weaker sectors in the U.S. It gained 1.5 per cent in Canada with shares of Dye & Durham Ltd. climbing 9.3 per cent as it announced a deal to buy Telus' financial solutions business for $500 million.
This report by The Canadian Press was first published Dec. 6, 2021.
A wildfire evacuation alert for some Fort McMurray residents has been updated to a two-hour evacuation notice.
Canadian LifeLabs customers who filed an application for a class-action settlement began receiving their payments this week, though at a much lower amount than initially expected.
Nobel laureate Alice Munro, the Canadian literary giant who became one of the world's most esteemed contemporary authors and one of history's most honoured short story writers, has died at age 92.
Wildfires have led Environment Canada to issue air quality advisories for parts of B.C., Alberta, Manitoba, Saskatchewan and the Northwest Territories, as forecasters warn the smoke could drift farther east.
An American accused of sexually assaulting a Pennsylvania college student in 2013 and later sending her a Facebook message that said, 'So I raped you,' has been detained in France after a three-year search.
The annual list of Canada's top restaurants in the country was just released and here are the places that made the 2024 cut.
Ontario Provincial Police are responding to a fatal collision involving two vehicles on Highway 417 in Ottawa's west end on Tuesday morning.
The Israeli flag is flying at Ottawa City Hall today to mark the country's national day, with plans to hold a private ceremony to mark Israel's Independence Day. There is a significant police presence at City Hall, including security barriers outside the main doors.
A bus carrying farmworkers in central Florida overturned on Tuesday, killing eight people and injuring about 40 other passengers, authorities said.
A team is ready to help an entangled North Atlantic right whale in the Gulf of St. Lawrence.
A $200 reward is being offered by a North Vancouver family for the safe return of their beloved chicken, Snowflake.
Two daughters and a mother were reunited online 40 years later thanks to a DNA kit and a Zoom connection despite living on three separate continents and speaking different languages.
Mother's Day can be a difficult occasion for those who have lost or are estranged from their mom.
YES Theatre Young Company opened its acclaimed kids’ show, One Small Step, at Sudbury Theatre Centre on Saturday.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.