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The Toronto Stock Exchange moved higher Thursday, powered by higher commodity prices to post a triple-digit gain.
The S&P/TSX composite index closed up 322.85 points, or 2.82 per cent at 11,780.07. Canada's benchmark stock index made gains as commodities — on which Toronto's bourse is heavily dependent — were widely higher. November oil ended up $2.91 at $82.59 US a barrel in New York.
Gold was up $11.60 at $1651.90 US an ounce.
The loonie was up 0.22 of a cent 96.36 cents US.
'The market has been pricing in an out-and-out recession.'—Market strategist Brain Gendreau
The uncertainty surrounding the loonie is likely the result of investors looking ahead to key jobs data to be revealed on Friday. Both Canada and the United States will release data showing how many jobs both economies created in September.
Retail sales data also came out on Thursday showing U.S. consumers are opening their wallets more.
"The market has been pricing in an out-and-out recession, but the fact that consumer spending is holding up shows that we're more likely to continue muddling through at a one to two per cent growth rate," said Brian Gendreau, market strategist at Cetera Financial Group.
Target, Nordstrom, Macy's and other retailers reported September sales results that beat Wall Street's expectations.
As a result, U.S markets were also higher, with the Dow Jones industrial average up 183.38 points, or 1.68 per cent, at 11123.33 and the broader S&P 500 up 20.94 points, or 1.77 per cent, at 1164.97.
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