TSX claws back with fourth gain in a row

TORONTO • The Toronto stock market powered to a solid gain for a fourth straight session Tuesday, supported in part by a well-received earnings report from Canadian Pacific Railway Ltd. and data that showed Chinese economic growth slid to a five-year low in the latest quarter but was within expectations.

The S&P/TSX composite index jumped 209.94 points to 14,547.71 as traders continued to snap up stocks beaten down over the course of a market sell-off that started last month.

Tuesday’s gains — four triple-digit advances in a row — left the TSX down just 7% from the record highs reached last month.

The Canadian dollar was ahead US0.44¢ to US89.06¢.

Data showing U.S. homes sold in September at their fastest clip this year helped send New York indexes sharply higher as the Dow Jones industrial average surged 215.14 points to 16,614.81, Nasdaq soared 103.41 points to 4,419.48 and the S&P 500 index jumped 37.27 points to 1,941.28.

The energy sector was up 2.1% even as the November crude contract, which expired Tuesday, rose US10¢ to US$82.81 a barrel. The December contract ran up US58¢ to US$82.49.

Financial stocks were a major source of support with the sector ahead 1.25%.

The gold sector was the only decliner, down about 1% while December gold rose US$7 to US$1,251 an ounce.