That news sent commodity prices higher and also promoted equity advances, though North American indexes had pared early gains by the end of the day and the Nasdaq composite fell to close in negative territory. On the Toronto Stock Exchange, the benchmark S&P/TSX composite index rose 56.39 points, or 0.43 per cent, to close at 13,295.86. Seven of the 10-sub-indexes gained on Monday, led by energy.
The price of crude oil rose 82 cents U.S. on the New York Mercantile Exchange, closing at $88.61 U.S. a barrel. Gold shot up $13.10 U.S. to $1,398.00 U.S. an ounce.
The Canadian dollar, which earlier in the day had been up more than 40 basis points, closed Monday at 99.24 cents U.S. for a gain of 17 basis points.
"We got the relief that there was no China rate hike over the weekend — which was rumoured — even with inflation being a little higher than people thought it was going to be," Greg Taylor, a money manager at Aurion Capital Management in Toronto, told Bloomberg. "We have a little of a window to year-end with no Chinese rate hikes. That's got the commodities going."
The junior Venture exchange rose 6.45 points, or 0.30 per cent, to 2,130.75.
U.S. stocks started falling in the afternoon as the Senate began voting on an agreement to extend Bush-era tax cuts for a further two years.
The Dow Jones industrial average held on to some of its earlier gains, closing at 11,428, an increase of 18.24 points, or 0.16 per cent, but the Nasdaq composite fell 12.63 points, or 0.48 per cent, to 2,624.91.
Energy producers gained Monday after China announced its refineries had been running at record rates last month. Suncor Energy rose 1.19 per cent to $36.63 and Canadian Natural Resources gained 2.41 per cent to $43.26.
Gold Wheaton rose 13.73 per cent to $4.99 on Monday after announcing it had agreed to be purchased by Franco-Nevada. Quadra FNX Mining, also benefited from a separate deal in which it agreed to sell 56.5 Gold Wheaton shares to Franco-Nevada, representing about a 35 per cent stake in the company. Quadra FNX shares rose 5.94 per cent to $16.04. Shares in purchaser Franco Nevada, on the other hand, dropped 3.77 per cent to $32.15.
Ivanhoe Mines got a boost on Monday when an analyst raised his rating on the stock to "buy" from "hold," closing at $24.73 for a gain of 2.02 per cent.
Research in Motion shares fell to $61.25, a 2.33 per cent drop, after an analyst at Exane BNP Paribas cut his fourth-quarter earnings forecast for the BlackBerry maker and lowered his rating on that stock to "neutral" from "outperform." For the latest updates PRESS CTR + D or visit Stock Market news Today
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