Wall Street celebrated two bits of good news Monday morning, while Bay Street seemed to focus more on voting intentions than investing decisions.

After initial gains early in the morning, Toronto’s S&P/TSX composite index was off at midday by 1.94 points or 0.02% at 8495.83, while the junior TSX Venture Exchange was also down by 1.89 points or 0.12% to 1583.29.

On Wall Street, the Dow industrials was ahead by 79.42 points or 0.77% to 10451.26. The Nasdaq was up 10.62 points 0.52% at 2036.09, while the S&P 500 index climbed 6.89 points or 0.61% to 1141.32.

The Canadian dollar was also higher as the U.S. greenback sold off. The loonie rose 0.34¢ to US74.39¢.

U.S. advances were helped by two pieces of good news: the early handover of sovereignty in Iraq and significant boost in consumer spending.

The early handover in Iraq was designed to foil terrorist attacks to sabotage the highly symbolic step toward self-rule. Markets hope the move will mean greater stability in Iraq. Meanwhile, the Commerce Department reported that consumer spending rose by a sizable 1%, a considerable pickup from the 0.2% increase registered in April. The increase in May was the largest since October 2001, when spending rebounded with gusto after being depressed by the Sept. 11 terror attacks.

Canadians’ attention seemed to focus more on the federal election that will likely result in a minority government. In Toronto, energy stocks are leading the way down. They were off 1.39% after the price of crude oil prices declined. Prices fell US64¢ to US$36.91 a barrel after Saudi Arabia Oil Co. chief Abdallah Jum’ah said Saudi Arabia will keep oil flowing to the world and make up for any shortfall linked to violence in Iraq.

Gold stocks were off 2.13%, while financials stocks were up 0.58%.

Overseas, Asian stock markets closed mixed Monday, with prices rising in Tokyo for the third straight session on optimism about the Japanese economy, traders said.

Tokyo’s Nikkei Stock Average of 225 gained 103.66 points, or 0.88% to 11,884.06 points. Investor sentiment was upbeat about a series of economic indicators due to be announced this week, including industrial output data from the Japanese government Tuesday, and the central bank’s “tankan” survey on business sentiment, set for release Thursday.

In Hong Kong, the Hang Seng Index rose 9.08 points, or 0.07% to 12,194.6. The key index was pushed higher by buying in select blue chips, brokers said.

London’s FTSE 100 rose 24.8 points at 4,518.9. Frankfurt’s DAX 30 was 1.3% ahead, while the Paris CAC 40 added 0.78%.