Five straight wins for TSX

Canadian stocks backed off their daily highs, but still finished notably higher for a fifth straight session. Utilities and financial stocks led the market into the green.

The S&P/TSX Composite Index climbed 93.11 points to 10,482.07. The market experienced its best close since June 12.

Financials were up, with Scotiabank advancing 2.7% to $44.15, CIBC added 2.6% to $58.90 and Royal Bank gained 2.4% to $48.67.

Energy stocks increased as crude oil prices gained amid violence in Nigeria. Canadian Natural Resources rallied 2.2% to $60.96, Suncor was up 1.3% to $35.32, and Encana gained 0.9% to $57.31.

On the corporate front, Paladin Labs climbed 2.1% to $19.30 after the company agreed to acquire a bundle of products currently marketed in Canada by Wyeth. Financial terms were not disclosed.

Tim Hortons applied to become a Canadian company, in an effort to save taxes. The vast majority of the doughnut chain's nearly 3,500 restaurants are in Canada. Shares were up 0.1% to $28.70.

Bombardier was up 1.8% to $3.46 after its workers voted to accept a new contract and avoid a strike. A total of 84% of workers voted in favour of the contract, according to Bloomberg.

SNC-Lavalin Group dropped 3.7% to $42.75 as the company announced the pricing of an aggregate principal amount of $350-million 6.19% debentures.

Iamgold Corp. was down 1.2% to $11.91 after the company announced that it has acquired about 8.02 million common shares and 1.50 million warrants of Mexican Silver Mines Ltd.

Agrium Inc. was up 1.7% to $47.58 after the Canada-based agricultural products supplier said it remains committed to acquiring CF Industries Holdings despite being rebuffed in its hostile takeover attempt.

The Canadian dollar was off 0.21 cents to 86.44 cents U.S.

ON BAYSTREET

Of the 13 TSX subgroups, nine were higher, led by utilities, up 1.9%. Financials were next at 1.7%, and energy stocks were ahead 1.4%.

The laggards were weighed by consumer discretionaries, down 0.8%, metals and mining were off 0.6% and health-care stocks, down 0.4%.

The TSX Venture Exchange faded six points to 1,105.56, while the Nasdaq Canada Index declined 8.03 points to 682.08.

ON WALLSTREET

In New York, the rally in oil prices and oil stocks helped propel Wall Street on Monday, as investors scooped up a variety of shares hit in the recent retreat at the start of a holiday-shortened trading week.

The Dow Jones Industrials average climbed 90.99, to end the day at 8,529.38. The S&P 500 index strengthened 8.33 points to 927.23. The Nasdaq tacked on 5.84 points to 1,844.06.

Also in focus was Bernard Madoff, who was sentenced to the maximum 150 years in prison for orchestrating the biggest Ponzi scheme in modern history.

Stocks are likely to be volatile this week due to the confluence of the holiday, the heavy spate of economic news and the quarter end.

Stocks could benefit Monday and Tuesday from some end-of-quarter machinations as market pros look to "window dress" their portfolios before closing the books. Generally, that impact is positive as money managers look to add the quarter's big winners to their portfolios.

Regarding the Madoff verdict, one expert said that Wall Street will be relieved that he got the maximum, but added there may be concern that the scandal will mean increased government regulation of money management.

Of the 30 Dow issues, 24 rose, led by oil components Chevron and Exxon Mobil as well as Boeing and United Technologies. Climbing oil prices gave a boost to other energy shares, while Microsoft, Hewlett-Packard and Intel paced technology gains.

Apple CEO and co-founder Steve Jobs is back on the job after a nearly 6-month medical leave, the company said Monday. Jobs is reportedly in the office a few days a week and working from home the other days.

Enterprise Products Partners is buying fellow energy company Teppco Partners in a $3.3-billion U.S. deal that creates the largest U.S. publicly traded energy partnership.

Watson Wyatt Worldwide will merge with fellow consulting firm Towers Perrin in an all-stock deal valued at $3.5 billion U.S. The combined company will be called Towers Watson.

Treasury prices rallied, with the yield on the benchmark 10-year note moving lower to 3.48% from 3.54% Friday. Treasury prices and yields move in opposite directions.

Oil prices surged $2.33 a barrel to $71.46 U.S.

Gold prices were flat at $941 U.S. an ounce.