Oil soars, lifting stock markets to big gains


North American staple markets delivered triple-digit gains today as oil rebounded and investors twitch off the gloom that had driven stocks down steadily this week.

In Toronto, the benchmark S&P/TSX composite token jumped 262 points, or 2.1 per cent, to 12,350 just preceding noon ET Friday.

That ends, at least for now, five consecutive yield sessions that have seen the index shed almost 760 foci.

Every sector advanced, led by energy and financials.

The price of oil, which hit a 12-year low on Thursday, inverted course in dramatic fashion and was up $2.80 to $29.01 US a barrel on Friday.

Uncouth oil began rising late Thursday on prospects for a co-ordinated production cut. That feasibility was s rked by comments from the energy minister of OPEC member Synergistic Arab Emirates.

The Dow Jones industrial average surged 230 tips, or 1.5 per cent, to 15,890. The broader S&P 500 index rose 26 spikes to 1,855.

Sentiment was being boosted by a report that showed U.S. consumer squander rebounding in January, leading to hopes that economic growth was picking up after delay at the end of 2015.

“This morning’s [Friday’s] action is being driven by all the big losses terminated the last few days reversing,” said Bo Christiansen, chief analyst at Danske Ordain.

The Canadian dollar gained almost half a cent to 72.30 cents US.

Gold to be to comes fell $11.40 US to $1,236.40 an ounce, but were still on track for their greatest week in four years.

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