TSX, loonie close higher as oil prices climb

TORONTO -- Strengthening oil prices propelled North American markets to a second big rally in as many days, allowing them to post their first weekly gains of the new year.

See Full Article

The Toronto Stock Exchange's S&P/TSX composite index soared 353.72 points to 12,389.58, adding to a big 192-point gain on Thursday.

The commodity-sensitive loonie also benefited from the bounce in oil prices, rising 0.64 of a U.S. cent to 70.67 cents US.

In New York, the Dow Jones industrial average was up 210.83 points at 16,093.51, while the S&P 500 advanced 37.91 points to 1,906.90 and the Nasdaq rose 119.12 points to 4,591.18.

Rising oil prices were a major factor in the rallies on both sides of the border as the March contract for benchmark crude rose $2.66 or nine per cent to US$32.19 a barrel.

Elsewhere in commodities, February natural gas was unchanged at US$2.14 per mmBtu and March copper advanced a penny to US$2.00 a pound, while February gold slumped $1.90 to US$1,096.30 an ounce.



Advertisements

Latest Economic News

  • Trans Mountain IPO to proceed despite B.C. Green-NDP deal, Kinder Morgan says

    Economic CTV News
    CALGARY -- Kinder Morgan says it expects to proceed Tuesday with its initial public offering for the Trans Mountain expansion, just as the anti-pipeline Greens and NDP in B.C. announced they have come to an agreement that could cast the project's future into doubt. Source
  • Trans Mountain IPO to proceed despite B.C. Green-NDP deal

    Economic CBC News
    Kinder Morgan says it expects to proceed Tuesday with its initial public offering for the Trans Mountain expansion, just as the anti-pipeline Greens and NDP in B.C. announced they have come to an agreement that could cast the project's future into doubt. Source
  • Health Canada cancels recall of Ardene children's jewelry

    Economic CBC News
    In an unprecedented move, Health Canada has cancelled its recall of children's jewelry sold by Canadian retailer Ardene after follow-up tests found the pieces don't actually contain excessive amounts of lead. It's the first time that a recall notice for a consumer product has been removed since the Consumer Product Safety Act came into force in 2011. Source
  • Oilpatch recovery to boost Alberta, Saskatchewan growth, says Conference Board

    Economic CTV News
    CALGARY -- The Conference Board of Canada says a slow recovery in the oil and gas sector will allow Alberta and Saskatchewan to emerge from recession and lead the provinces in economic growth this year. Source
  • Mortgage broker's late sponsorship bet pays off as Takuma Sato ends up winning Indy 500

    Economic CBC News
    When Takuma Sato took home the checkered flag at the Indy 500 on Sunday, the Japanese race car driver wasn't the only big winner. One of the main sponsors of his car, Indiana-based lender Ruoff Home Mortgage, only decided to put financial support behind Sato's Andretti Racing Team early last week. Source
  • Boeing says trade complaint against Bombardier designed to prevent larger CSeries

    Economic CTV News
    MONTREAL -- Boeing says its trade complaint against Bombardier is designed to prevent the Montreal-based rival from using subsidies to produce a larger version of the CSeries plane that would directly compete with its own flagship narrowbody 737 aircraft. Source
  • Asian shares muted as investors await raft of economic data

    Economic CTV News
    TORONTO -- Canada's main stock index was little changed in late-morning trading as U.S. stock markets took the day off for the Memorial Day holiday. The S&P/TSX composite index was up 1.59 points to 15,418.52, after 90 minutes of trading. Source
  • TSX flat as U.S. markets take day off for holiday; loonie up

    Economic CTV News
    TORONTO -- Canada's main stock index was little changed in late-morning trading as U.S. stock markets took the day off for the Memorial Day holiday. The S&P/TSX composite index was up 1.59 points to 15,418.52, after 90 minutes of trading. Source
  • World shares muted as investors await raft of economic data

    Economic CTV News
    HONG KONG -- World stock markets were listless Monday as investors look to a raft of economic data this week and as holidays in several key markets crimped trading volume. KEEPING SCORE: In Europe, France's CAC 40 dipped 0.1 per cent to close at 5,332.47, while Germany's DAX edged up 0.2 per cent to 12,628.95. Source
  • Toronto stock index makes small gain, led by bank and industrial stocks

    Economic CTV News
    TORONTO -- Canada's main stock index barely advanced Monday amid a quiet trading session while U.S. markets took the day off for Memorial Day. In Toronto, the S&P/TSX composite index inched up 4.98 points to 15,421.91 as bank and industrial stocks made gains. Source