Canada’s main stock index rose to a record high on Monday as gains for financial and metal mining shares overshadowed losses for energy stocks following turmoil in Venezuela. Wall Street also ended higher, with surging financial shares helping to lift the Dow Jones Industrial Average to an all-time peak.
The S&P/TSX Composite Index ended up 336.58 points or 1.1% at 32,219.95, eclipsing the record closing high from December 23.
“Nothing can stop the freight train that is the TSX. It just seems to have all the right allocations for today’s market,” said Barry Schwartz, chief investment officer at Baskin Wealth Management.
“Gold’s a driver today, the banks are unstoppable ... there’s no better place to be when stock markets are at record highs than financial stocks.”
Heavily weighted financials added 1.6%, while the materials group, which includes metal mining shares, ended 3.3% higher after U.S. strikes in Venezuela added to gold’s safe-haven appeal. The precious metal was up 2.7%.
Shares of e-commerce company Shopify Inc were up nearly 6%, which helped lift the technology sector by 0.8%.
The energy sector fell 3.6%, with Canadian Natural Resources Ltd down 6%, but finished well above its low for the day. The price of oil settled 1.7% higher at US$58.32 a barrel.
“The worry is that there will be all this oil flowing out of Venezuela and the U.S. won’t need the Canadian supply,” Schwartz said.
“The truth is ... you can’t flip the switch and replace the Canadian oil overnight. It’s going to take at least a decade and in the meantime oil demand increases every year.”
By contrast, energy shares rallied in the U.S. as investors bet Washington’s move against Venezuela President Nicolas Maduro would allow American firms access to the world’s largest oil reserves.
President Donald Trump’s administration plans to meet with executives from U.S. oil companies this week to discuss boosting Venezuelan production. The S&P 500 energy index rose 2.7% to its highest since March 2025, with heavyweights Exxon Mobil and Chevron both surging.
Weapons manufacturers also advanced after Washington’s military action. Lockheed Martin and General Dynamics climbed, while the S&P 500 aerospace and defense index rose to a record high.
“Energy stocks are really benefiting from the expectation that President Trump is intending to send them in to do more investment in Venezuela and ultimately make more money for themselves,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle.
“The lack of permanent boots on the ground, the fact that we’re not permanently engaged, means the broader equity markets are able to set aside what might have been fears of a prolonged engagement,” Haworth said.
Tesla climbed 3.1% after seven straight sessions of losses. Nvidia dipped 0.4% and Apple declined 1.4%.
The S&P 500 climbed 0.64% to end the session at 6,902.05 points.
The Nasdaq gained 0.69% to 23,395.82 points, while the Dow rose 1.23% to 48,977.18 points. Volume on U.S. exchanges was heavy, with 19.1 billion shares traded, far exceeding the average of 15.9 billion shares over the previous 20 sessions.
The S&P 500 financials index jumped 2.2% as investors looked to upcoming quarterly reports. Analysts on average see S&P 500 financial companies growing their earnings 6.7% year-over-year in the December quarter. Goldman Sachs and JPMorgan Chase rose more than 3% and hit record highs.
“The mood has been favoring financial stocks in recent days and as people look beyond tech, this is a sector many are choosing to look toward,” said Steve Sosnick, chief market analyst at Interactive Brokers.
In economic news, data showed U.S. manufacturing contracted more than expected in December, extending a 10-month slump.
The spotlight will now be on the monthly U.S. nonfarm payrolls on Friday, which could influence the Federal Reserve’s monetary policy in 2026. Canada also releases jobs data on Friday.
Cryptocurrency-linked shares advanced as bitcoin hit a more than three-week high. Strategy, formerly MicroStrategy, climbed almost 5% and Coinbase rallied 7.8%. Goldman Sachs upgraded Coinbase to “buy” from “neutral.”
Advancing issues outnumbered falling ones within the S&P 500 by a 2.1-to-one ratio. The S&P 500 posted 60 new highs and 11 new lows; the Nasdaq recorded 107 new highs and 49 new lows.
Reuters, Globe staff