Canada's resource-heavy main stock index closed Monday at a two-week high, driven by gains in the materials and energy sectors in quiet end-of-summer trading.
A slew of economic news from Canada and the U.S. this week also helped boost Wall Street's stock indexes.
Investors were still digesting Friday's comments from Fed Chairman Jerome Powell that the U.S. central bank may need to raise interest rates further to ensure inflation is contained.
Focus now Shifts to a report on the U.S. personal consumption expenditures price index, the Fed's preferred inflation gauge, to be released on Thursday and non-farm payrolls data due on Friday.
'' t come out and say anything particularly hawkish or particularly unnerving to markets - that has proven to make this a bit of a risk-on day, even if he wasn't outright dovish either,'' said Ross Mayfield, investment strategy analyst at Baird.
The Toronto Stock Exchange's S&P/TSX composite index gained a record high of 189.39 points, or 0.95%, to 20,025.14, the highest since Aug. 15.
Energy was up 1.5% on Monday, driven by worries that further U.S. interest rate hikes could dent demand but supported by a potential supply disruption from a tropical storm off the U.S. Gulf Coast.
China has reduced a stamp duty on stock trading effective Monday in an effort to boost the market as a recovery sputters in the world's second-biggest economy.
The materials sector, which includes precious metals and base metals miners and fertilizer companies and is sensitive to the Chinese economy, has surged by 2.1%.
The heavily weighted financials sector advanced 1.1%, as major Canadian banks are expected to continue to report earnings this week.
Canada's second quarter GDP report on Friday may indicate a sharp slowdown in economic growth, according to a Reuters poll of economists, which could prompt the Bank of Canada to pause interest rate hikes.
The S&P 500 gained 0.63% to land at 4,433.31 at the end of the session.
The Dow Jones Industrial Average rose 0.682 points to 34,559.98, while the Nasdaq gained 0.84%.
Nvidia rose 1.78% and was the most traded stock in the S&P 500, with US$31 billion worth of the chipmaker's shares exchanged.
Other megacaps also gained, with Apple and Alphabet both bringing in 0.9%.
3M jumped 52% after a report that the company agreed to pay more than $5.5 billion to resolve over 300,000 lawsuits claiming it sold the U.S. military's defective combat earplugs.
Goldman Sachs gained 1.8% Monday after the lender struck a deal to sell an investment advisory business to wealth management firm Creative Planning LLC.
U.S.-listed shares of Chinese companies such as JD.com, Baidu, and Alibaba rallied more than 2% after China halved the stamp duty on stock trading.
The Commerce Secretary, Gina Raimondo, met with Chinese Commerce Minister Wang Wentao on Tuesday about restrictions on American businesses including Intel and Micron. Intel's shares rose 1.1%, while Micron's was up 2.5%.
Horizon's shares were up 5.2% on the Nasdaq Stock Market.
Advancing issues outnumbered falling ones within the S&P 500 by a 5.5-to-one ratio. The Nasdaq index posted 54 new lows and 162 new highs, while the S&P 500 posted 10 new highs and 2 new lows. The volume of shares traded on U.S. exchanges was relatively mild, with 8.1 billion shares traded compared to an average of 10.8 billion shares over the past 20 sessions.