TORONTO – North American stock markets rallied on Tuesday, lifted by a rebound on markets overseas and bargain-hunting investors snapping up beaten down shares.
The S&P/TSX index in Toronto finished the day 152 points higher, or 1.13 per cent, at 13,630.67, with the metals and mining sector by far the biggest gainer amid a huge jump in copper prices.
China is a major purchaser of copper, which is used in may industrial processes. The Canadian dollar rose 0.39 of a U.S. cent to 75.78 cents US.
In New York, markets jumped even more after last week’s big losses, with the Dow Jones industrial average rebounding 390.3 points (2.42 per cent) to 16,420.90.
The broader S&P 500 index advanced 48.2 points (2.51 per cent) to 1,958.17 and the Nasdaq gained 128 points (2.73 per cent) to 4,780.48.
MORE: Most Canadian investors stayed course during wild stock market swings
On commodity markets, the December copper contract shot up 12 cents to US$2.43 a pound and the TSX metals and mining sector was up 7.9 per cent.
Elsewhere in commodities, the December gold contract edged up 20 cents to US$1,121.60 an ounce, while October crude oil was down 23 cents at US$45.82 a barrel and October natural gas rose seven cents to US$2.72 per thousand cubic feet.
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