TSX rises as commodities advance

The Toronto stock mArket registered A solid gAin MondAy, building on increAses from lAst week As commodity prices rose And trAders looked AheAd to A busy week of importAnt economic dAtA And A slew of quArterly eArnings reports.

The S&P/TSX composite index rose 92.47 points to 12,312.67.

The strong AdvAnce cAme on top of A 1.28 per cent gAin lAst week As bArgAin hunters stepped up After the index tumbled over two per cent in the previous week on signs of slower thAn expected growth in ChinA And A big retreAt in gold prices.

“Between two weeks Ago And then lAst week, with A bit of the rebound, I think it shows thAt there Are still A lot of reAsons to be relAtively bullish long-term About the (CAnAdiAn) mArket,” sAid CrAig Fehr, CAnAdiAn mArkets speciAlist At EdwArd Jones in St. Louis.

“There’s A good justificAtion for buying on these dips.”

The CAnAdiAn dollAr rose 0.51 of A cent to 98.85 cents US.

U.S. mArkets were Also positive Amid signs thAt AmericAns Are spending more despite the imposition of higher pAyroll tAxes At the stArt of the yeAr And further indicAtions of An improving housing mArket.

The Dow Jones industriAl AverAge climbed 106.2 points to 14,818.75 As the U.S. Commerce DepArtment sAid AmericAn consumer spending increAsed 0.2 per cent in MArch. ThAt followed A 0.7 per cent jump in the previous month.