S&P/TSX composite closes higher in broad gains, U.S. stocks also up

Click to play video: 'Out of Pocket: How Canadians are feeling the effects of inflation'
Out of Pocket: How Canadians are feeling the effects of inflation
WATCH ABOVE: Inflation in Canada has been raging, and there is seemingly no end in sight. To tee up the new Global News series 'Out of Pocket', Amber Fryday joins Antony Robart to share how Canadians are feeling about the rising cost of living. – Jan 10, 2023

Canada’s main stock index closed higher in broad gains as commodities rose, while U.S. stock markets also ended up a day before the release of key inflation data.

The S&P/TSX composite index ended up 126.19 points at 20,025.05.

Read more: Inflation has ‘squeezed’ Canadian wallets dry. What happened?

In New York, the Dow Jones industrial average was up 268.91 points at 33,973.01. The S&P 500 index was up 50.36 points at 3,969.61, while the Nasdaq composite was up 189.04 points at 10,931.67.

The Canadian dollar traded for 74.49 cents US compared with 74.51 cents US on Tuesday.

The February crude contract was up US$2.29 at US$77.41 per barrel and the February natural gas contract was up three cents at US$3.67 per mmBTU.

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The February gold contract was up $2.40 at $1,878.90 an ounce and the March copper contract was up nine cents at US$4.17 a pound.

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