The Toronto stock market opened higher following better-than-expected economic growth figures from Statistics Canada.
The S&P/TSX composite index rose 37.41 points to 13,437.01, while the Canadian dollar jumped 0.48 of a cent at 94.39 cents (U.S.).
Statistics Canada reported the national economy grew by 0.3 per cent in October, the fourth monthly increase in a row and better than expected. Economists expected gross domestic product to grow by 0.2 per cent, compared with September’s increase of 0.3 per cent.
Meanwhile, it’s expected to be a quiet week for the TSX as it heads into the year’s second-last week of trading. The exchange is closed both Christmas Day and Boxing Day while New York is shuttered just for Dec. 25.
U.S. indexes were positive as the Dow Jones industrials climbed 67.85 points to 16,288.99, the Nasdaq jumped 29.45 points to 4,134.19 and the S&P 500 index gained 8.75 points to 1,827.07.
The markets were still digesting positive news from Friday that showed the U.S. economy grew 4.1 per cent in the third quarter compared to a year earlier, beating a previous estimate of 3.6 per cent. The report reinforced the view that the United States will lead the world’s other developed economies in growth next year.