Toronto stock index rallies as oil prices and loonie stabilize, U.S. markets also up

 

TORONTO _ Canada’s main stock index surged more than 200 points in a broad-based advance as U.S. stocks rallied for a second session in a row, erasing some of the massive losses suffered last week.

The gains came after the Toronto stock index dropped more than eight per cent from its all-time high and leading Wall Street indexes slumped into a 10 per cent correction for the first time in two years.

The S&P/TSX composite index advanced 207.35 points or 1.38 per cent to 15,241.88, with materials and gold stocks leading the way.

In New York, the Dow Jones industrial average soared 410.37 points or 1.70 per cent to 24,601.27. The S&P 500 index was up 36.45 points or 1.39 per cent to 2,656.00, and the Nasdaq composite index was up 107.47 points or 1.56 per cent to 6,981.96.

The Canadian dollar closed an average trading value of 79.35 cents US, up 0.04 of a U.S. cent _ putting an end to last week’s five-day slide.

The March crude contract was up nine cents to US$59.29 per barrel after sharp drops all of last week and the March natural gas contract was down three cents at US$2.55 per mmBTU.

The April gold contract was up US$10.70 to US$1,326.40 an ounce and the March copper contract was up five cents to US$3.09 a pound.

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