The week began with First Citizens Bank announcing it was buying its failed competitor, Silicon Valley, which cooled recent fears and lifted stocks Monday. The TSX finished 0.56%, the S&P 0.26%, just shy of 4,000, the Nasdaq -0.37% though off the day’s lows, and the Dow 0.66%.
The U.S. 10-year yield inched up to 3.539% but Bitcoin sank 3.5% below $27,000 after a regulator sued Binance for breaking trading rules. In contrast, WTI crude rallied 5.35% to $73.
Financials led the Wall Street rally with Bank of America popping 5%, KeyCorp 5.61% and First Republic Bank leaping 13.43%. Elsewhere Carnival lowered its guidance and shares slid 5% while American Tower sank 3.2%. In Toronto, only three sectors were down, led by telcos, while staples and energy joined financials in leading the rally. Notable movers: Athabasca Oil 7.17%, Baytex Energy 6.26% and Suncor up 2.09% headline the energy gains. TD rose nearly 2%, but Lumine Group slid 6.87%.