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TSX surges on higher oil, rising metals


The Toronto stock market ended near its highs of the day on Tuesday as commodities pushed the market ahead.

The S&P/TSX composite index closed up 200.91 points to 11,863.50, in a session partly characterized by playing catch up with U.S. markets after the civic holiday. The TSX Venture Exchange rose 3.61 to 1,190.56.

The Canadian dollar ended the day above parity again, at 100.25 cents (U.S.), up 0.21 of a cent from Monday afternoon.

Much of the activity was in commodities stocks, with metals and mining stocks leading the way, up 4.6 per cent. HudBay Minerals Inc. stock was up 7.5 per cent, or 63 cents (Canadian), to $ 9.02.

The September copper contract on the New York Mercantile Exchange moved up nearly 5.2 cents (U.S.) to $ 3.44 a pound while December gold dropped $ 3.40 to $ 1,612.80 an ounce.

Energy stocks gained 2.9 per cent with the September crude contract on Nymex ahead $ 1.47 to settle at $ 93.67 a barrel, its highest level in two months.

On Wall Street, gains were driven by a renewed sense of optimism about the economy, with better earnings results than expected from several U.S. companies and expectations that central banks will act to support the economy.

The Dow Jones industrial average increased 51.09 points to 13,168.60 and the broader S&P 500 was up 7.12 points to 1,401.35. Nasdaq gained 25.95 points at 3,015.86.

Of the 407 companies in the S&P 500 that reported earnings through Monday, 65 per cent beat Wall Street expectations, according to S&P Capital IQ. More than 40 per cent have reported double-digit growth.

thestar.com – Business