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The Toronto stock market was higher Monday as traders got back to work following the Christmas break, building on gains racked up last week in the wake of stronger than expected economic growth numbers from Canada and the U.S.

The S&P/TSX composite index gained 43.45 points to 14,652.7. The Canadian dollar was down 0.04 of a cent to 86 cents (U.S.).

U.S. indexes were mixed the Dow Jones industrials 20.61 points lower at 18,033.1, the Nasdaq added 0.23 of a point to 4,807.09 while the S&P 500 index dipped 0.45 of a point to 2,088.32.

The TSX found some lift from the energy sector, up 0.25 per cent as February crude in New York gained 56 cents to $55.29 a barrel.

The gold sector led advancers, up 1.5 per cent while February bullion dropped $2.10 to $1,193.20 an ounce.

March copper was up a penny at $2.83 a pound but the base metals sector gave back 0.27 per cent.

The TSX registered a solid one per cent gain last week with lift coming from data showing Canada's gross domestic product rose by 0.3 per cent in October, beating economists' expectations of 0.1 per cent growth for the month.

And in the U.S., GDP growth figures for the third quarter were revised upward to five per cent from a previous figure of 3.9 per cent. Economists had expected the revision to show growth of 4.3 per cent.

On top of that, other data showed that U.S. consumer spending rose at the fastest pace in three months in November, while income posted the best gain in five months.

The data reassured markets that the United States continued to be the major prop for the global economy against a background of slowing growth in China and a still-tentative economic recovery in Europe.

The American data is a big plus as a surging U.S. economy benefits Canadian exports and in turn provides lift to the TSX.

Last week's performance left the TSX up 7.24 per cent for the year, down sharply from a 15 per cent surge in mid-year. But that was before oil prices started to slide – they're down 50 per cent from summertime highs amid a huge increase in global supply and lower demand from economic weak spots like China and Europe.

Stocks to watch include BCE Inc., Rogers Communications and wireless phone retailer Glentel. BCE and Rogers have come to an agreement that will see each company own 50 per cent of the Burnaby, B.C. based company. Bell says Rogers will drop a court challenge it launched in Ontario to get an injunction blocking the move and will pay half the takeover cost. Bell announced last month that it was acquiring Glentel in a deal valued at $670-million in stock, cash and debt. Glentel jumped $2.06 to $25.15, BCE climbed 23 cents to $53.65 while Rogers was ahead 17 cents to $45.66.

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