Monday's stock market moves are stunning for reasons beyond the actual gains. The moves among a number of major global indexes are also remarkably broad-based - although Canada stands out.
At the S&P 500, in late-afternoon trading, an amazing 96 per cent of stocks are up. At the Dow Jones industrial average, 97 per cent are up.
Overseas, at the U.K.'s FTSE 100, 98 per cent closed higher. And in Japan, 96 per cent of stocks in the Nikkei 225 were higher in overnight trading, even though the index rose a relatively tame 1.6 per cent.
Canada sticks out though: The S&P/TSX composite index was having a very good day on Monday afternoon, but just 86 per cent of stocks were higher.
Gold producers form only part of the explanation: With the price of gold down about $10 (U.S.) an ounce amid a new-found love of risk, some of the smaller names are down. However, Barrick Gold Corp. and Goldcorp Inc. were up slightly in afternoon trading after selling off earlier in the day.
Meanwhile, some of other down stocks come from a variety of sectors. Cable and telecom giant Rogers Communications Inc. was down 0.7 per cent, engineering and construction firm SNC-Lavalin Group Inc. was down 0.5 per cent. And TMX Group Inc., which runs the Toronto Stock Exchange, was down 0.04 per cent.
David Berman