TORONTO – North American stock markets rallied Friday to shut a week of losses with big gains, propelled by a a lot more than 12 per cent begin crude oil prices.
The March agreement for crude oil increased US$3.23 a barrel to US$29.44.
Toronto Stock Exchange’s S&P/TSX composite index was up 293.87 points or 2.4 per cent at 12,381.24.
In Ny, the Dow Jones industrial average closed up 313.66 points at 15,973.84, while the broader S&P 500 advanced 35.7 suggests 1,864.78 and also the Nasdaq gained 70.67 suggests 4,337.51.
The increase in oil prices also helped the commodity-sensitive loonie, which added 0.31 of a US cent to 72.14 cents US.
Federal Reserve chairwoman Janet Yellen’s recent remarks that some global growth appears weaker than initially anticipated also boosted the loonie, said Stephen Carlin, head of equities for CIBC Asset Management. It signals the Fed may not move rates of interest as soon as previously thought.
Friday’s rebound seemed to be partly due to a recent easing of concerns over the liquidity measures that might exist in some European banks, specifically Germany’s Deutsche Bank, he said.