After rough few days, oil, loonie and stocks all move higher

TORONTO – The Toronto Stock Exchange and U.S. equity markets made strong advances Tuesday afternoon.

The S&P/TSX composite index was up 207.9 points or 1.64 per cent, at 12,903.4. That partially offset a decline of 321 points over the previous two sessions on Monday and Friday.

The Dow Jones average of 30 stocks was up 200 points at 17,568.87, the broader S&P 500 index advanced 25.6 points to 2,047.30 and the Nasdaq gained 60.51 points to 5,012.74.

Oil up

On the commodity markets, the January crude contract was up $1.35 or more than 3 per cent at US$37.66 per barrel. The rise comes just a day after North American oil prices fell to their lowest levels since the global recession took hold in late 2008.

MORE: Canadians still paying at the pump despite drop in oil prices

Crude’s rebound helped lift energy-influenced currencies, including the loonie. Canada’s dollar was at 72.95 cents US, up 0.16 of a cent from the previous close.

Earlier in the morning, Canada’s dollar had traded above 73 cents US — still near 11-year lows.