A rise in oil coupled with hefty gains in gold and mining stocks helped resurrect the TSX today.
After plunging 194 points on Tuesday, Canada’s stock exchange finished firmly in the green.
The index surged 218 points with growth in all 11 sectors.
The energy sector moved up 2.4 percent with increases in energy stocks mirroring a lift in oil prices.
Oil rose $1.23 to $54.66 US a barrel, bolstered by a potential cut in production from the world’s major oil producers who are looking to keep prices from plummeting.
The price jump comes despite a surplus of domestic and international supplies and U.S. President Donald Trump thanking Saudi Arabia for helping to push down crude prices.
Trump tweeted today that lower oil prices is ‘Like a big Tax Cut for America and the World.’
Canadian mining stocks jumped, led by First Quantum Minerals which climbed 11.3 percent, along with an 8.3 increase in Turquoise Hill Resources.
The TSX’s most popular marijuana stocks also moved higher today with Canopy Growth surging 4.9 percent and Aurora Cannabis up 2.7 percent.
In New York, U.S. tech stocks initially rallied from yesterday’s steep declines but couldn’t keep the momentum as the Dow pulled back from a 200-point surge earlier in the day to slip below the flatline.
After slight gains earlier in the day, tech bellwether Apple edged into the red.
On the retail side, Foot Locker’s stock soared 14.9 percent after its third quarter earnings and revenue results beat expectations.
The Nasdaq rallied, moving 63 points higher on the back of the index’s top gainers Amazon, Booking Holdings, Alphabet, and software firm Autodesk.
Gold was a popular commodity today, up $5.30 to $1,226 an ounce while the Canadian dollar pared some of yesterday’s more than three-quarters-of-a-cent losses against the greenback.
The loonie strengthened 43/100ths of a cent to $0.7557 US.
