TORONTO – A lift in oil prices helped push the Toronto stock market sharply higher, while the loonie stood a solid boost from some encouraging economic data from Ottawa.
The S&P/TSX composite index climbed 121.75 suggests 12,982.10, capping a fourth-straight day’s gains.
Much in the strength was associated with another increase in oil prices after Russia hinted the offer to cap oil production might be reached by OPEC countries later this month.
Saudi Arabia, Russia, Venezuela and Qatar have supported the thought of a cap, while using the purpose of boosting oil prices, but have said hello is dependant on other producers participating.
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The April deal for benchmark Usa crude added 65 cents to US$34.40 a barrel.
Meanwhile, the Canadian dollar gained 0.65 from the U.S. cent to 74.55 cents U.S. Statistics Canada reported the economy expanded in an annual rate of 0.8 percent within the final 3 months of 2015. Economists had expected real GDP may be flat inside the fourth quarter.
In Ny, indexes soared within the wake within the U.S. government think that construction spending reached its highest level in eight years in January, which traders saw just like a strong vote in the strength from the economy.
The Dow Jones industrial average increased 348.58 points or nearly Three percent to 16,865.08, the Nasdaq composite index jumped 131.65 suggests 4,689.60, because the broader S&P 500 gained 46.12 suggests 1,978.35.
In other commodities, April gas gained three cents to US$1.74 per mmBtu. May copper appeared to be positive, rising anything to US$2.14 1 lb, while April gold gave back $3.60 to US$1,230.80 a troy ounce.
