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Canada's benchmark stock exchange moved higher on Wednesday as commodity prices rebounded.
Oil rose almost $4 to more than $79 US a barrel in New York. That was enough to push the commodity-laden TSX higher after three days of heavy losses related to Greek debt worries.
The TSX gained 279.31 points, or 2.5 per cent, to close at 11,457.22. In New York, the Dow Jones industrial average was up 131.24 points, or 1.2 per cent, at 10,939.95.
The Canadian dollar rose by 1.34 cents to 96.14 cents US.
Before Wednesday's surge, the TSX had slumped enough that it moved into official bear market territory. It was down 22 per cent from its April high.
"You're seeing a recovery in a lot of the sectors today," said Jeff Bradacs, portfolio manager at Manulife Asset Management.
"Technology, energy sectors have been impacted by the recent selloff — they're oversold and there's a rebound in those sectors today."
Gold was $25.60 higher to settle at $1,641.60 US an ounce.
Most financial securities, such as shares in large Canadian banks, were higher. Technology titan Research In Motion Ltd. was also a big gainer, up more than $10 to just under $25 after the Wall Street Journal and the U.K.-based Independent reported on rumours that British phone carrier Vodafone was considering a bid for the BlackBerry maker.
In U.S. economic news, the Institute for Supply Management's non-manufacturing index showed the services sector continuing to expand during September. It came in at 53, which met expectations and was just slightly lower than the August reading. Payrolls firm Automatic Data Processing said the U.S. private sector added 91,000 jobs last month.
The release of the U.S. government's non-farm payrolls report for September is expected on Friday. Economists are forecasting that the economy created around 55,000 jobs last month.
The news was not all upbeat. Reports out of Europe claimed that officials are examining plans for a co-ordinated recapitalization of European banks. The TSX opened lower before recovering to a small gain.
The IMF pushed on Wednesday for a radical change in the way the European debt crisis is being handled. Antonio Borges, the head of the IMF's Europe program, said the eurozone's bailout fund should get more firepower and new tools. He also ratcheted up pressure for Greece to get its finances in order.
Word that Greece was having trouble living up to the terms of its bailout repayment schedule prompted the market sell-off on Monday.
With files from The Canadian Press Accessibility Links
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