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Record oil spurs TSX Add to ...

Record high oil prices helped push the Toronto stock market up more than 100 points, and the Canadian dollar rose to a 47-year high Monday. New York indexes were also positive despite oil closing above $93 (U.S.) a barrel and investors look to a possible interest rate cut this week by the U.S. Federal Reserve Board. Toronto's S&P/TSX composite index ran ahead 130.92 points to 14,427.35, also receiving support from precious mining stocks as gold prices headed towards $800 an ounce. The Canadian dollar surged 1.03 cents to 104.96 cents, its highest close since the end of March, 1960 - after briefly going as high as 105.10 cents. The rise came as oil pushed to new record highs on news that Mexico's state oil company was suspending about one-fifth of its oil production due to a storm. The December crude contract on the New York Mercantile Exchange rose $1.67 to $93.53 a barrel. The TSX Venture Exchange was 59 points ahead to 3,150.62. On Wall Street, the Dow Jones industrials gained 63.56 points to 13,870.26. The Nasdaq composite index advanced 13.25 points to 2,817.44 and the S&P 500 index rose 5.7 points to 1,540.98. "It's a combination of the expected rate cut from the Fed plus the fact that with the banks having reported in the U.S., markets seem to be calming down a bit about how long, how bad the credit crunch is going to be," said Kate Warne, Canadian market specialist at Edward Jones in St. Louis. On the TSX, the energy sector moved ahead 0.71 per cent while the financial sector was a up 1.22 per cent. Canadian Press

 

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