Oil jumps 10 per cent, Canadian dollar up 0.59 of a cent at 75.65 cents U.S.

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The Canadian Press

TORONTO: North American markets soared for a second consecutive session as investors continued to buy up stocks beaten down in a six-day sell-off that started over a week ago amid fears of a major slowdown in China’s economy.

In Toronto, the S&P/TSX composite index _ up more than 460 points in the afternoon _ closed 385.08 points or 2.88 per cent higher at 13,766.67.

The resource-heavy Toronto index was boosted by a big jump in commodity prices that included a 10 per cent jump in the price of benchmark oil as the October contract shot up $3.96 to US$42.56 a barrel.

The Canadian dollar, which also shares a strong correlation with the price of oil, was up 0.59 of a cent at 75.65 cents U.S.

In New York, the Dow Jones industrial average was up 369.26 points at 16,654.77 after a more than 600-point jump Wednesday, its third-biggest point gain of all time and largest since October 2008.

The broader S&P 500 index rose 47.15 points to 1,987.66 while the Nasdaq jumped 115.17 points to 4,812.71.

Elsewhere in commodities, October natural gas lost four cents to US$2.66 per thousand cubic feet, while copper reversed its slide as the December contract shot up nine cents to US$2.33 a pound.

December gold retreated $2 to US$1,122.60 an ounce.

 

© 2015 The Canadian Press