TORONTO - The Toronto stock market snapped a vicious, four-session losing run with a solid triple-digit advance as bargain hunters moved into depressed stocks, particularly those in the energy sector.
The S&P/TSX composite index jumped 183.09 points to 14,052.97 after losing 800 points or 5.5 per cent since the middle of last week alone.
The Toronto market's energy sector was a major target of buyers, rising three per cent as oil gained 92 cents to US$82.70 a barrel. The energy group had plunged 20 per cent over the past month as crude prices fallen 13 per cent as a faltering global economy dampened demand prospects.
The Canadian dollar was up 0.07 of a cent to 88.9 cents US.
The Dow Jones industrials fell 24.5 points to 16,117.24, the Nasdaq was up 2.07 points to 4,217.39 and the S&P 500 index rose 0.27 of a point to 1,862.76.
Worries about the state of the global economy have triggering a long-anticipated retracement this month on markets, which have racked up significant gains without a serious correction. The TSX is still down 10 per cent from the highs set early in September.
