A rebound in the price of oil has once again lifted the Toronto Stock Exchange by three figures. With so many energy firms cutting back on spending plans there is speculation that it will reduce the current glut of supply. The energy sector saw significant gains along with better results for the banks and the mining sector also increased as greater demand for copper was predicted.
The S&P/TSX Composite Index closed
The NYSE closed higher
Oil is trending higher ($53.05 at 4pm)
Gold is trending higher
The loonie is higher against the US dollar (81 cents at 4pm)