TORONTO - The Toronto stock market jumped more than 150 points Wednesday as signs of greater U.S. demand lifted oil prices and energy stocks while Bank of Montreal delivered a solid earnings report.

The S&P/TSX composite index jumped 156.35 points to 13,751.47 while the TSX Venture Exchange gained 21.94 points to 2,049.01.

The Canadian dollar closed lower but off early lows as the American currency weakened, down 0.19 of a US cent to 102.26 cents US after going as low as 102.05 cents US.

Bank of Montreal (TSX:BMO) reported its second-quarter profits rose $55 million to $800 million. The results were equivalent to adjusted earnings of $1.35 per share, four cents ahead of analyst expectations collected by Thomson Reuters.

BMO's quarterly revenue increased to $3.21 billion, below expectations of $3.25 billion, but ahead of the $3.04 billion reported a year earlier. Its shares rose 55 cents at $62.05.

"There are the core bank earnings, which were quite good and were definitely helped by the decline in loan losses, which is a very good thing," said Chris Kuflik, wealth advisor with ScotiaMcLeod in Montreal.

"On the other side, the trading revenues, which are often a driver of earnings growth, and usually the most volatile component, is not doing that well right now. In a market like this, it's very difficult."

The BMO report sent the financial sector up 0.86 per cent. CIBC (TSX:CM) rose 75 cents to $84.45 while TD Bank (TSX:TD) gained $1.54 to $85.29. Both banks report earnings Thursday.

Oil prices turned positive after data showed that U.S. crude inventories rose much less than expected last week. The Energy Information Administration said oil inventories rose 600,000 barrels against expectations of a 1.6 million barrel jump.

At the same time, gasoline inventories were up 3.8 million barrels while analysts had expected supplies to rise by 750,000 barrels.

The July crude contract on the New York Mercantile Exchange gained $1.73 to a two-week high of US$101.32 a barrel and the energy sector was up 1.78 per cent. Suncor Energy (TSX:SU) climbed 80 cents to C$40.37.

Cenovus Energy (TSX:CVE) was up 87 cents to $35.02.

Oil also received a boost Tuesday after Goldman Sachs, J.P. Morgan and Morgan Stanley said prices will rise later this year as the Libya conflict hits global supply.

Mining stocks advanced as metal prices gained ground with the July copper contract on the New York Mercantile Exchange ahead nine cents to US$4.11 a pound. The base metals sector rose 1.42 per cent as Teck Resources (TSX:TCK.B) rose $1.16 to C$48.40 while First Quantum (TSX:FM) was up $1.22 to $132.

The gold sector was also higher as rising worries about the European government debt crisis helped send bullion prices higher for a fourth day. The June gold contract in New York gained $3.40 to US$1,526.70 an ounce and Barrick Gold Corp. (TSX:ABX) climbed 49 cents to C$46.12 while Kinross Gold Corp. (TSX:K) gained 16 cents to $14.99.

The strong TSX showing follows a string of sharp losses earlier this month with commodity markets registering steep losses on worries that include slowing economic conditions and tightening monetary conditions in China and India as officials try to control high inflation.

"It appears that the sharp correction of recent weeks appears to have run its course," said Colin Cieszynski, market analyst at CMC Markets Canada.

"Commodities have been base building for the last several days and appear ready to start clawing back lost ground."

There have also been increasing worries that Despite the positive showing on the TSX, investors are cautious given a broad range of concerns, including that the global economy is faltering and that Europe's debt crisis is deepening.

Greece continues to be the main driver of European debt concerns, even more so after meetings Tuesday indicated a lack of consensus between the government and the opposition.

New York markets were higher even as traders worried about a slowing of the global economy also took in some dismal American data. U.S. durable goods orders dropped 3.6 per cent in April, worse than the 2.4 per cent drop that analysts had expected.

Higher energy stocks also helped take the Dow Jones industrial average up 38.45 points to 12,394.66.

The Nasdaq composite index rose 15.22 points to 2,761.38 while the S&P 500 index was up 4.19 points to 1,320.47.

In other corporate news, Tim Hortons (TSX:THI) stock was down 78 cents to $45.05 as the company announced that president and CEO Don Schroeder has left the company effective immediately. In the meantime, executive chairman Paul House, who has previously held the position of president and CEO, will once again take on the role on an interim basis

Shares in forest plantation operator Sino-Forest Corp. (TSX:TRE) gained 22 cents to C$18.66 after it said there have been no corporate developments that would explain a recent slump in the price of its stock. The Toronto-based forestry firm, which operates large timber stands in China, saw its shares slide seven per cent on Tuesday to close at $18.88 after four per cent slide on Friday.

The board of toymaker Mega Brands Inc. (TSX:MB) has approved a one-for-20 consolidation of its issued and outstanding common shares. Its shares were down 2.5 cents to 47 cents.