Business

Stock markets surge as Brexit vote fears ease

Stock market began the week with a bang on Monday following the release of some polls that showed a shift in support for the "Remain" side ahead of this week's Brexit vote.
Traders John Panin, left, and Thomas Ferrigno work on the floor of the New York Stock Exchange, Monday. U.S. stocks jumped in the morning as investors grew more optimistic that Britain will remain in the European Union. (Richard Drew/Associated Press)

Stock markets began the week with a bang following the release of some polls that showed a shift in support for the "Remain" side ahead of this week's Brexit vote.

Over the weekend, three polls showed that the "Remain" side had recovered some of the ground that had been lost,
giving investors more confidence to move into riskier assets.

Investors, who had been selling stocks amid nervousness over the outcome of the Brexit vote, reacted to the news by buying up equities.

On Wall Street, the Dow Jones industrial average gained 129.71 points to finish at 17,804.87. The broader S&P 500 was up 12.03 points to 2,083.25, while the Nasdaq composite gained 36.87 points to end at 4,837.21.

On Bay street, the S&P/TSX composite index added 113.37 points to reach 14,015.14.

The price of oil was higher, with benchmark North American crude settling at $49.96 US per barrel, a gain of $1 40 US.

In foreign exchange trading, the U.S. dollar was down against major currencies. The loonie was up 0.42 of a cent at 78.07 cents US, while the British pound jumped more than three cents at 1.4666 US. The euro was also higher against the greenback.

Gold, which had been gaining ground as investors sought security ahead of the Brexit vote, was lower by $2.70 US per ounce, finishing at $1,292 US.

with files from The Associated Press

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