Canadian Stocks Rally Amid Sharply Higher Commodities Prices

(RTTNews) - Following the pullback seen over the two previous sessions, Canadian stocks moved notably higher over the course of the trading day on Monday.

The benchmark S&P/TSX Composite Index fluctuated early in the day before closing up 213.91 points or 0.8 percent at a new record closing high of 26,388.96.

The strength that emerged on Bay Street came amid sharp increased by the price of commodities such as gold and crude oil.

Gold stocks helped lead the way higher, with the S&P/TSX Global Gold Index soaring by 5.8 percent amid a surge by the price of the precious metal.

The price of gold for June delivery shot up $81.70 or 2.5 percent to $3,370.60 an ounce after sliding $28.20 or 0.9 percent to $3,288.90 an ounce during last Friday's session.

A spike by the price of crude oil also contributed to significant strength among energy stocks, with the S&P/TSX Capped Energy Index jumping by 1.9 percent.

Consumer staples and telecom stocks also saw notable strength on the day, while healthcare stocks bucked the upward trend.