Business

Photo: The Canadian Press. All rights reserved.

Canada's bank headquarters are shrouded in fog as a sign displays TSX numbers on December 30, 2011. THE CANADIAN PRESS/Frank Gunn

The Toronto stock market is off to a positive start to July trading as commodity prices registers solid gains amid hopes that central banks will take action to keep the fragile global economic recovery on track.

The S&P/TSX composite index jumped 130.16 points to 11,726.72. The Canadian dollar rose 0.31 of a cent to 98.53 cents US.

New York markets were weak amid a shortened session. They are open for just a half-day today and closed Wednesday for the U.S. Independence Day holiday.

The Dow Jones industrials declined 15.82 points to 12,855.57, the Nasdaq composite index slipped 0.26 of a point to 2,950.97 and the S&P 500 index was off 0.73 of a point at 1,364.78

Some analysts expect the European Central Bank to cut lending rates and the Bank of England to boost money in circulation at meetings later this week. There are also hopes that Japan and China will announce new stimulus measures.