TORONTO - A better than expected outlook on the American economy helped snap a four-day losing streak on the Toronto stock market, which remains substantially below where it was last week.
The S&P/TSX composite index moved 55.39 points higher to 10,121.5, led by rising financials and base metal stocks. The previous four days going back to last Friday had carved 648 points, or almost 6.5 per cent, from the main index.
The market moved higher after the U.S. Conference Board said its index of leading economic indicators, designed to forecast activity in the next three to six months, rose 1.2 per cent. The report raised hopes that an economic recovery should be in place by the end of the year.
The Canadian dollar was off 0.18 of a cent to 88.24 cents US after the CPI report. Energy stocks were also supportive as the July crude contract on the New York Mercantile Exchange gained 34 cents to US$71.37.
U.S. markets were also mainly higher in the wake of the Conference Board data with the Dow Jones industrial average up 58.42 points to 8,555.6 after three days of losses. But the Nasdaq composite index dipped 0.34 of a point to 1,807.72.
