S&P/TSX composite closes lower despite boost to energy and mining stocks

Energy and mining stocks got a boost from rising commodity prices Monday but Canada's main stock index closed down overall to kick off a short trading week.Trading volumes were light coming off of last week’s rally, which saw the S&P/TSX composite nudge to a new all-time closing high on Thursday before taking a breather on Friday.

“Oil is strong and getting stronger, and gold of course has been making big moves, even briefly hittingUS$2,000 an ounce last week," said Brian Madden, chief investment officer with First Avenue Investment Counsel Inc. Last week saw a big run on Wall Street, with all three main U.S. stock indexes setting records on Thursday. Markets were buoyant in the wake of last Wednesday's interest rate decision by the U.S. Federal Reserve, which indicated it still could cut rates three times this year.

"And the thing that could throw cold water on the rally would be if the Fed and the Bank of Canada do indeed stay 'higher for longer,' to borrow the popular phrase."

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