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TORONTO — Canada’s main stock index finished up more than 300 points on Monday, helped by strength in the materials sector, while U.S. stock markets also surged higher amid a focus on fundamentals.
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“You’re seeing this continued momentum, I think people are shrugging off potential noise and sticking to the fundamentals, which I think is a really good thing on that front,” said Sadiq Adatia, chief investment officer at BMO Global Asset Management.
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“When you look at underlying fundamentals, things are still looking good. And you’ve got rate cuts continuing on, that should help fuel things.”
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He added that despite the ongoing tariff situation, trade tensions between the U.S. and China appear to have “calmed down a little bit.”
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Last week, Adatia noted investors saw strong earnings reports from major U.S. banks, including Citigroup, JPMorgan Chase and Wells Fargo.
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This week features a raft of big names reporting their latest quarterly results, including Coca-Cola on Tuesday, Tesla on Wednesday and Procter & Gamble on Friday.
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The pressure is on companies broadly to show that their profits are growing following a torrid run for the S&P 500, which is up of 35 per cent from a low in April.
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Corporate profit reports have also taken on more importance because they offer windows into the strength of the U.S. economy when the U.S. government’s shutdown has delayed important economic updates.
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Adatia highlighted a report on Apple Inc.’s iPhone sales appeared more positive than expected.
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Figures from Counterpoint, a tech-focused market research firm, showed that sales for the latest iPhone series outpaced the previous versions in the U.S. and China during the first 10 days of availability.
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Apple’s stock led the way and rose 3.9 per cent amid optimism about demand for its latest iPhone design. It was the strongest force lifting the S&P 500 and set its own record high.
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“You don’t see those types of moves on Apple too often these days. So that’s a big positive sign that things are looking really, really good on the sales side,” Adatia said.
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Elsewhere in the U.S. tech sector, Amazon’s stock held up despite a widespread outage for its cloud computing service that caused disruption for internet users around the world Monday. Amazon’s stock rose 1.6 per cent.
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In New York, the Dow Jones industrial average was up 515.97 points at 46,706.58. The S&P 500 index was up 71.12 points at 6,735.13, while the Nasdaq composite was up 310.57 points at 22,990.54.
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The S&P/TSX composite index was up 307.96 points at 30,416.44.
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The December gold contract was up US$146.10 at US$4,359.40 an ounce.
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With gold prices soaring on Tuesday, Adatia noted the price of the precious metal could continue to rise.
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“We’re very bullish on gold still, I think we had a call of US$4,000 (per ounce) earlier, just less than a month ago, and we soared right through that. So US$5,000 is not out of the question for next year,” Adatia said.
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The Canadian dollar traded for 71.25 cents US compared with 71.25 cents US on Friday.
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The December crude oil contract was down 13 cents US at US$57.02 per barrel.
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The December gold contract was up US$146.10 at US$4,359.40 an ounce.
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This report by The Canadian Press was first published Oct. 20, 2025.
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— With files from The Associated Press
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Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
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