TSX extends rally as worries ease

The Toronto stock market finished sharply higher yesterday, extendingits winning streak to six sessions on the likelihood that U.S. businesslender CIT Group will avoid bank­rupt­cy while improving sentiment sendcommodity prices higher.

The Toronto stock market finished sharply higher yesterday, extending its winning streak to six sessions on the likelihood that U.S. business lender CIT Group will avoid bank­rupt­cy while improving sentiment send commodity prices higher.

The S&P/TSX composite index jumped 171.29 points to 10,540.71, following a surge of more than six per cent last week as a string of U.S. earnings reports raised hopes for an economic recovery.

“I’m impressed in terms of how quickly sentiment changed, but I felt for awhile that the economy is moving up — I don’t think there’s any doubt, you can even see the bears backing off here,” said Ian Nakamoto, director of research at MacDougall, MacDougall and MacTier.

“I think we’re out of the recession in August basically.”

 
 
Latest From ...
Most Popular From ...