North American stock markets surge higher, oil tops US$50 a barrel

TORONTO — Canada’s main stock index posted a triple-digit advance in late-morning trading in a broad rally on the Toronto stock market, while U.S. stocks also surged higher and the price of oil topped US$50 a barrel. The S&P/TSX composite index was up 179.31 points at 17,861.82. In New York, the Dow Jones industrial average was up 528.14 points at 30,919.74. The S&P 500 index was up 47.58 points at 3,774.44, while the Nasdaq composite was up 62.37 points at 12,881.33. The Canadian dollar traded for 78.73 cents US compared with 78.70 cents US on Tuesday. The February crude oil contract was up 42 cents at US$50.35 per barrel and the February natural gas contract was up a penny at US$2.71 per mmBTU. The February gold contract was down US$46.10 at US$1,908.30 an ounce and the March copper contract was down a penny at US$3.63 a pound. This report by The Canadian Press was first published Jan. 6, 2021. Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X) The Canadian Press

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