TSX Jumps 1%, Led By Miners And Banks -- Canadian Commentary

(RTTNews) - Canadian stocks surged Monday, led by gains in the energy and mining sector after strong Chinese economic data.

Markets shrugged off geopolitical tensions including saber-rattling between the U.S. and North Korea.

Base metal stocks performed particularly well, although gold shares trimmed some recent gains.

Energy stocks rallied despite lower oil prices, and financials rose 1.4 percent amid concerns about the housing bubble in Toronto and Vancouver.

Marijuana stocks fell after significant gains a week ago brought on by legalizations.

In all, the TSX Composite jumped 149.41 points, or 0.96 percent, to 15,684.89.

In economic news, Chinese GDP rose 6.9 percent, amid gains in housing, infrastructure investment, exports and retail sales. That's within the government's target range of 6.5 percent to 7 percent growth in 2017.

The New York Fed said its general business conditions index tumbled to 5.2 in April after dipping to 16.4 in March, although a positive reading still indicates growth. Economists had expected the index to edge down to 15.0.

The bigger than expected drop by the headline index came amid a notable slowdown in new orders growth, as the new orders index plunged to 7.0 in April after jumping to a multi-year high of 21.3 in March.