A Spanish flag flutters in the wind on the top of <strong>Madrid</strong>'s city hall as rain clouds appear in the background September 26, 2012. Spain will announce a series of economic reforms and a tight 2013 budget on Thursday, aiming to avoid the political humiliation of having Brussels impose conditions on a request for an international bailout.Sergio Perez/Reuters
The Toronto Stock Exchange posted a triple digit rebound as commodity prices gained ground after two of the most indebted European countries outlined new austerity measures.
The S&P/TSX composite index added 105.99 points to 12,338.85.
Spain and Greece outlined plans to cut spending and raise taxes to convince international lenders and financial markets they are on the right track to cut their deficits.
The Canadian dollar gained 0.45 of a cent to 101.95 cents U.S. getting a boost after Spain announced its new budget.
Wall Street was also higher, with the Dow ahead 72.46 points to 13,485.97 and the Nasdaq 42.90 points higher at 3,136.60. The broader S&P 500 was up 13.83 points at 1,447.15.
The benchmark New York oil contract was ahead $1.87 at $91.85 (U.S.) a barrel, while the December gold contract added $26.90 to $1,780.50 an ounce. The December copper contract was 3 cents higher at $3.74 a pound.