S&P/TSX composite up more than 300 points, U.S. stock markets also rally

TORONTO —
Canada’s main stock index was up more than 300 points in late-morning trading in a broad-based rally as fears about the impact of the latest COVID-19 variant lessened and the price of oil surged back over US$70 a barrel.

The S&P/TSX composite index was up 346.49 points at 21,207.59.

In New York, the Dow Jones industrial average was up 551.93 points at 35,778.96. The S&P 500 index was up 97.23 points at 4,688.90, while the Nasdaq composite was up 429.46 points at 15,654.61.

The Canadian dollar traded for 79.05 cents US compared with 78.25 cents US on Monday.

The January crude oil contract was up US$3.27 at US$72.76 per barrel and the January natural gas contract was up 17 cents at US$3.83 per mmBTU.

The February gold contract was up US$4.10 at US$1,783.60 an ounce and the March copper contract was up two cents at US$4.36 a pound.

This report by The Canadian Press was first published Dec. 7, 2021