TSX shrugs off Spain and moves up
Oct 11, 2012 / 6:30 am
The Toronto stock market was higher as buyers moved in after three days of losses amid fresh signs of a slowing economic recovery.
The S&P/TSX composite index gained 48.92 points to 12,261.94 while the Canadian dollar rose 0.42 of a cent to 102.39 cents US.
New York markets were also positive as a much better than expected read on U.S. jobless insurance claims raised hiring prospects. The Dow Jones industrials rose 43.08 points to 13,388.05, the Nasdaq composite index gained 22.66 points to 3,074.44 and the S&P 500 index climbed 9.25 points to 1,441.81.
Traders appeared to take in stride a move by Standard & Poor's to cut its rating on Spain's debt by two notches to BBB-minus, leaving the country on the verge of junk status, or non-investment grade.
Oil continued to find support amid worries that the Syrian conflict is escalating, with prices up $1.38 at US$92.63 a barrel.
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