Loonie Soars, While TSX Racks up a Small Gain and the Nasdaq Sets a Record Close

TORONTO — Higher oil prices and a weak U.S. dollar helped drive up the loonie as North American stock markets racked up some small gains.

The Canadian dollar added 0.86 of a cent at 77.84 cents US, as the greenback tumbled amid diminished hopes that the U.S. Federal Reserve will hike interest rates later this month.

In Toronto, the S&P/TSX composite index was 17.32 points higher at 14,813.02, as the gold, materials and metals sectors registered gains.

On Wall Street, the Dow Jones industrial average climbed 46.16 points at 18,538.12, while the broader S&P 500 jumped 6.5 points to 2,186.48. The Nasdaq composite set an all-time record after rising 26.01 points to 5,275.91.

Meanwhile in commodities, the October crude oil contract gained 39 cents at US$44.83 per barrel while the December gold contract headed up $27.30 to US$1,354 an ounce.

October natural gas contract dipped eight cents to US$2.72 per mmBTU, as December copper contracts were up a penny at US$2.09 per pound.

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