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Markets rally as oil rises

Canada's main stock index climbed higher in late-morning trading, boosted by the energy sector which benefited from higher oil prices.

The S&P/TSX composite index was up 77.21 points at 14,494.10.

In New York, the Dow Jones industrial average was up 180.44 points at 23,856.08. The S&P 500 index was up 19.45 points at 2,565.61, while the Nasdaq composite was up 46.54 points at 6,830.45.

The Canadian dollar traded for 74.52 cents US compared with an average of 74.33 cents US on Tuesday.

The February crude contract was up US$1.56 at US$48.16 per barrel and the January natural gas contract was down 25.8 cents at US$3.58 per mmBTU.

The February gold contract was up US$5 at US$1,258.60 an ounce and the March copper contract was up 2.40 cents at US$2.69 a pound.



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