The Toronto stock market racked up a triple-digit advance on the first day of 2009 trading as investors snapped up stocks in some of worst performing sectors from last year. New York markets also surged even as investors took in data showing a further slump in the U.S. manufacturing sector but fully expect significant moves to stimulate the American economy after president-elect Barrack Obama is sworn-in later this month. "You have a big stimulus package coming from the incoming U.S. administration - the timing is uncertain but we know it's going to be enormous," said John Johnston, chief strategist, The Harbour Group, RBC Dominion Securities. Toronto's S&P/TSX composite index was up 167.88 points to 9,155.58 with all sectors positive save gold and consumer staples stocks. The TSX ended 2008 down 35 per cent for the year - the second-worst year ever, compared with a 37 per cent decline in 1931. New York's Dow Jones industrial average, down 34 per cent for 2008, rose 208.4 points to 8,984.8. The TSX Venture Exchange added 36.87 points to 83.89. The Canadian dollar edged up 0.37 of a cent to 82.47 cents US. The Nasdaq composite index, fresh from a 40 per cent plunge last year, rose 42.77 points to 1,619.8 while the S&P 500 added 23.2 points to 926.45 following a 38 per cent tumble in 2008.
-The Canadian PressReport Typo/Error