Markets open higher on Fed comments, oil hovers below US$28

TORONTO - North American markets headed higher in morning trade after the U.S. Federal Reserve suggested concerns over global growth could mean a slower pace for future rate hikes.

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The S&P/TSX composite index climbed 49.72 points or about 0.4 per cent at 12,332.37 shortly after the open.

The March contract for a benchmark crude fell 28 cents to $27.66 per barrel.

The Canadian dollar -- which is often influenced by the price of crude -- was at 71.73 cents US, down 0.32 cent.

The New York markets were positive with the Dow Jones industrial average up 79.4 points at 16,093.78.

The broader S&P 500 composite index jumped 13.47 points to 1,865.68 and the Nasdaq composite added 43.45 points to 4,312.21.



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