TORONTO –
A surge in crude oil prices above US$110 per barrel and support for the financials sector after an interest rate hike by Bank of Canada helped the country’s main stock index to wipe out losses so far in 2022.
The S&P/TSX composite index rose progressively all day to close up 251.13 points to 21,255.64.
In New York, the Dow Jones industrial average was up 596.40 points at 33,891.35. The S&P 500 index was up 80.28 points at 4,386.54, while the Nasdaq composite was up 219.56 points at 13,752.02.
The Canadian dollar traded for 78.94 cents US compared with 78.69 cents US on Tuesday.
The April crude oil contract was up US$7.19 at US$110.60 per barrel and the April natural gas contract was up 18.9 cents at US$4.76 per mmBTU.
The April gold contract was down US$21.50 at US$1,922.30 an ounce and the May copper contract was up 6.9 cents at US$4.67 a pound.
This report by The Canadian Press was first published March 2, 2021.
