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Stocks added to earlier gains on Thursday, with commodity producers leading a broad-based rally.

At noon, the Dow Jones industrial average was up 170 points or 1.6 per cent, to 11,178. The broader S&P 500 was up 19 points or 1.6 per cent, to 1198.

All 10 subindexes within the S&P 500 were higher, but the gains were concentrated mostly among economically cyclical stocks, particularly commodity producers. Materials led the gains, rising 2.3 per cent, while energy stocks rose 2.1 per cent. Financials, which had been the biggest weights in stock market performance on Wednesday, rebounded 1.6 per cent.

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Defensives tended to lag. Utilities rose just 0.2 per cent, while telecom services rose 1.2 per cent.

In Canada, the S&P/TSX composite index rose 196 points or 12,854.

All 10 subindexes were higher here as well, and commodity producers dominated. Materials rose 2.5 per cent and energy stocks rose 1.8 per cent, thanks to gains in the price of crude oil and gold.

Financials rose 1.2 per cent, but consumer discretionary stocks lagged with gains of just 0.3 per cent. Telecom services were also laggards, with gains of 0.4 per cent.

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About the Author
Investing Reporter

David Berman has been writing about business and investing since 1995. He has written for a number of magazines, including Canadian Business and MoneySense. He worked at the Financial Post as an investing writer and daily columnist before moving to the Globe and Mail in 2008. More

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