S&P/TSX composite up more than 400 points as oil tops US$80 a barrel

Photo: The Canadian Press

Gains in the energy sector as the price of oil rose to top US$80 a barrel helped Canada's main stock index surge more than 400 points higher in late-morning trading, while U.S. stock markets also climbed higher.

The S&P/TSX composite index was up 413.97 points at 18,858.19.

In New York, the Dow Jones industrial average was up 668.77 points at 29,394.28. The S&P 500 index was up 74.84 points at 3,660.46, while the Nasdaq composite was up 175.65 points at 10,751.27.

The Canadian dollar traded for 73.26 cents US compared with 72.96 cents US on Thursday.

The November crude contract was up US$3.08 at US$82.57 per barrel and the November natural gas contract was down 37 cents at US$6.40 per mmBTU.

The December gold contract was up US$26.20 at US$1,698.20 an ounce and the December copper contract was down a penny at US$3.41 a pound.