TORONTO - The Toronto stock market closed sharply higher after a stronger than expected reading on American retail sales made traders feel more confident about the American economy.
The S&P/TSX composite index jumped 158.1 points to 13,097.82 after data showed that retail sales in May declined 0.2 per cent, much better than the 0.7 per cent slide that was expected.
The surge came after the market lost more than 300 points over the past two sessions, adding up to a plunge of almost 10 per cent from the highs of the year from early March.
The Canadian dollar was up 0.83 of a cent to 103.21 cents US.
Oil gained $2.07 to US$99.37 a barrel.
The Dow Jones industrial average ran up 123.14 up points to 12,076.11.
The Nasdaq composite index gained 39.03 points to 2,678.72 while the S&P 500 index rose 16.04 points to 1,287.87.
