Markets Rally As Oil Prices Retreat
The Canadian Vanguard Stock Market Report – Monday March 16, 2026 Edition.
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The Toronto Market
The Toronto Market Index
The Toronto Market Index rose 334.72 points, or 1.03%, to close at 32,876.65. The index ended three consecutive losing sessions, gaining more than a full percentage point today. Markets largely ignored the ongoing conflict in the Middle East during the early hours of the trading session. Overall, it was a positive day for the markets.
Oil prices declined slightly but remain relatively high. However, the modest drop was enough to give investors some respite from concerns surrounding the current overseas conflict.
Today’s TSX Market Statistics
At the TSX, advancing issues (advancers) significantly outnumbered declining issues (decliners). Specifically, there were 1,683 advancers and 465 decliners, producing an advancer-to-decliner ratio of 3.62 to 1, or roughly four advancers for every decliner, with 113 issues unchanged.
The exchange recorded 64 new 52-week highs and 22 new 52-week lows, compared with 64 new highs and 49 new lows on Friday.
Total trading volume on the TSX reached 489,903,520 shares, up 2% from 479,480,627 shares traded on Friday.
Today’s Toronto Market Wrap-Up Report
The Toronto market took the decline in oil prices as a cue for the index to climb. The session felt as though the worst of the tension had passed, with investors showing renewed confidence throughout the day. Despite the ongoing conflict in the Middle East, markets largely brushed aside geopolitical concerns during the early hours of trading and focused instead on easing oil prices.
The Toronto Market Index rose 334.72 points, or 1.03%, to close at 32,876.65, ending three consecutive losing sessions and gaining more than a full percentage point for the day. Oil prices declined slightly but remain relatively high. Nevertheless, the modest drop was enough to give investors some relief from the pressures associated with the overseas conflict.
All major sectors on the TSX finished the session with gains. Technology was the top-performing sector, rising 1.87%. Durable Consumer Goods & Services followed with a gain of 1.69%, while Financials advanced 1.54% to complete the top three performing sectors of the session. Telecommunications Services, up 0.34%, and Basic Materials, up 0.27%, were the session’s laggards.
The Canadian big banks also moved higher, supporting the broader market. Among individual stocks, the list of top performers was dominated by construction and consulting companies, along with several retail stocks. As is typical for the Toronto market, miners and resource companies were also prominently represented among the day’s most active and influential stocks.
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The US Markets
U.S. Market Indexes
All the major U.S. market indexes advanced today with relatively strong gains across the board. The Dow Jones Industrial Average rose 387.94 points, or 0.83%, to close at 46,946.41. The S&P 500 advanced 67.19 points, or 1.01%, ending the session at 6,699.38, while the Nasdaq Composite jumped 268.82 points, or 1.22%, finishing at 22,374.18.
Although the Dow was the session’s laggard, it still posted a solid gain of nearly a full percentage point. The Nasdaq was the day’s top performer, advancing more than 1%, reflecting continued strength in technology and growth stocks.
The Russell 2000 Index also moved higher, rising 23.24 points, or 0.94%, to close at 2,503.29. The index experienced some volatility during the session. It opened significantly higher but later retreated from its intraday peak before settling near the close. Despite the pullback from the day’s high, the Russell 2000 still finished the session with a gain of nearly one percent.
Today’s U.S. Market Statistics
New York Stock Exchange (NYSE): Advancing issues outnumbered declining issues on the NYSE. There were 3,156 advancers, 1,265 decliners, and 342 issues unchanged, producing an advancer-to-decliner ratio of 2.49 to 1, or roughly five advancers for every two decliners.
The exchange recorded 87 new 52-week highs and 110 new 52-week lows, compared with 71 new highs and 185 new lows on Friday.
Total NYSE trading volume reached 5,263,607,072 shares, down about 2% from 5,384,960,535 shares traded on Friday.
NASDAQ: At the NASDAQ, advancing stocks also outnumbered declining stocks by roughly two to one. There were 3,266 advancers and 1,524 decliners, resulting in an advancer-to-decliner ratio of 2.14 to 1, with 329 issues unchanged.
The exchange recorded 73 new 52-week highs and 177 new 52-week lows, compared with 53 new highs and 276 new lows on Friday.
Total NASDAQ trading volume reached 8,414,571,941 shares, roughly in line with Friday’s volume of 8,432,991,539 shares.
Today’s U.S. Market Wrap-Up Report
The markets staged a recovery today and managed to regain part of the severe losses recorded last week. The impact of the war in the Middle East appeared less pronounced during today’s session, allowing investors to focus more on market fundamentals. Although the major indexes moved higher during the day, they closed well off their intraday highs.
Trading volume was slightly lighter. Volume on the NASDAQ was down less than one percent compared with Friday, while NYSE volume declined by roughly 2%. Market breadth was solid, with advancing stocks significantly outnumbering declining stocks on both exchanges. The advancer-to-decliner ratio on the NYSE and NASDAQ was roughly two to one, reflecting broad participation in the market’s rebound.
All the major U.S. indexes ended the session with solid gains. The Dow Jones Industrial Average rose 387.94 points, or 0.83%, closing at 46,946.41. The S&P 500 advanced 67.19 points, or 1.01%, finishing at 6,699.38, while the Nasdaq Composite gained 268.82 points, or 1.22%, ending the session at 22,374.18. The Nasdaq was the day’s strongest performer, while the Dow Jones Industrial Average was the session’s laggard but still posted a respectable gain of nearly one percent.
The Russell 2000 Index also moved higher, rising 23.24 points, or 0.94%, to close at 2,503.29. The index opened significantly higher but later pulled back from its intraday peak, ultimately closing well below the day’s high. Despite the volatility, the Russell 2000 still finished the session with a gain of nearly one percent.
Among market sectors, Technology, up 1.38%, was the top-performing sector in Monday’s session. Basic Materials, which advanced 1.25%, ranked as the second strongest sector. Gold mining stocks were prominent among the day’s top-performing equities. Nearly all major sectors finished the day higher, with the exception of Telecommunications Services, which lagged the broader market.
Overall, today’s session provided a welcome reprieve from last week’s sell-off. However, an important question remains: will today’s rally prove to be a one-day rebound, or will investors gradually adjust to the ongoing geopolitical tensions and allow markets to move higher despite the conflict?
With the Middle East conflict continuing and little indication of a near-term resolution, investors should remain cautious. The risks associated with the situation persist. Attention may also turn to the upcoming Federal Reserve communications. The Federal Reserve’s meeting minutes and the Chairman’s press conference, typically released at 2:00 p.m. on Wednesday, may offer investors some insight into how policymakers view the potential economic and financial effects of the conflict.
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(c) This article is published by The Canadian Vanguard on March 16, 2026
