TORONTO – North American markets posted a so-called Santa Claus rally, closing higher despite another fall in the cost of oil.
The Toronto Stock Exchange’s S&P/TSX index rose 10.08 suggests end the day to 13,034.38 after adding 14 points on Friday.
The Dow Jones average of 30 stocks rose 123.07 points to close at 17,251.62, the broader S&P 500 index advanced 15.60 suggests 2,021.15 and also the Nasdaq gained 45.84 points to 4,968.92.
A Father christmas rally may be the seasonal gain in stock values usually noticed in the last two weeks of the season, which some credit to Christmas bonuses and tax-loss selling and others to holiday goodwill on Bay Street.
On the commodity markets, the February crude contract fell 25 cents to stay at US$35.81 per barrel, the February gold contract rose $15.60 to US$1,080.60 per troy ounce, and the January contract for natural gas added 14.4 cents to finish trading at US$1.911.
The loonie fell 0.1 of a cent to 71.61 cents US, its lowest level since August 2003.