Rallying gold and oil prices give TSX a triple digit boost, loonie strengthens - Canadian Business

Rallying gold and oil prices give TSX a triple digit boost, loonie strengthens – Canadian Business

TORONTO _ Surging gold and oil prices helped give Canada’s main stock index a triple-digit boost, as the loonie strengthened against a weakening greenback.

The S&P/TSX composite index advanced 111.80 points to 15,328.27, led by strong gains in the gold, base metals, materials and energy sectors.

The March crude contract climbed US$1.41 to US$60.60 per barrel and the April gold contract soared US$27.60 to US$1,358.00 an ounce.

South the border, American stocks capped off their fourth day of gains amid a U.S. government report that consumer prices climbed in January at a rate faster than economists expected. But there were few signs of the worries about inflation that sent stocks falling in the last few weeks.

In New York, the Dow Jones industrial average was up 253.04 points to 24,893.49. The S&P 500 index added 35.69 points to 2,698.63 and the Nasdaq composite index was up 130.11 points to 7,143.62.

The Canadian dollar closed at an average trading value of 79.61 cents US, up 0.24 of a U.S. cent.

Elsewhere in commodities, the March natural gas contract was down a cent at US$2.59 per mmBTU and the March copper contract was up seven cents to US$3.24 a pound.

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