Tech stocks push Canada, U.S. markets higher as precious metals also rise

Market Overview - The S&P/TSX composite index increased by 552.34 points, reaching 33,023.32, while the Dow Jones industrial average rose by 20.20 points to 50,135.87. The S&P 500 index gained 32.52 points to 6,964.82, and the Nasdaq composite was up 207.46 points at 23,238.67 [1]. Concerns in the Market - Despite a strong performance last week, concerns remain regarding the high valuations of stocks and whether significant investments in artificial intelligence by major tech companies will yield sufficient profits [2]. AI Sector Performance - Companies benefiting from the AI surge, such as Nvidia and Broadcom, saw stock increases of 2.5% and 3.4% respectively, contributing to the upward movement of the S&P 500 [3]. The Canadian tech sector also experienced gains as a result of the U.S. tech sector's performance [3]. Dow Jones Milestone - The Dow Jones industrial average surpassed 50,000 points for the first time, indicating a broadening market, which is considered healthy for the sustainability of the current bull market [4][5]. Commodity Market Insights - The Canadian stock market received support from basic materials stocks, with gold prices rising by 2% and silver prices increasing by 6.9% on Monday. Gold's price has fluctuated significantly over the past year, while silver has shown even more volatility [5][6]. Currency and Oil Prices - The Canadian dollar traded at 73.66 cents US, up from 73.27 cents US on Friday. The March crude oil contract rose by 81 cents to US$64.36 per barrel [6].