S&P/TSX composite jumps along with U.S. markets as U.S. Treasury yields retreat

The S&P/TSX composite index snapped a six-day losing streak as it made substantial gains along with U.S. markets after U.S. Treasury yields retreated on speculation central banks may ease up on restrictive, inflation-fighting policies.

The S&P/TSX composite index, led by gains in the energy sector, closed up 341.01 points, or 1.9 per cent, to 18,648.92 to rise from the low for the year reached a day earlier.

In New York, the Dow Jones industrial average closed up 548.75 points, or 1.9 per cent, at 29,683.74. The S&P 500 index ended up 71.75 points, or almost two per cent, at 3,719.04, while the Nasdaq composite was up 222.13 points, or 2.1 per cent, at 11,051.64.

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The Canadian dollar traded for 73.21 cents US compared with 72.85 cents US on Tuesday.

The November crude contract was up US$3.65 at US$82.15 per barrel and the November natural gas contract was up 20 cents cents at US$6.96 per mmBTU.

The December gold contract was up US$33.80 at US$1,670.00 an ounce and the December copper contract was up 7.5 cents at US$3.36 a pound.