U.S. data, ECB news lift markets

TORON TO • North American markets were lifted Thursday by U.S. economic data, earnings reports and news that the European Central Bank may deliver more economic stimulus to combat sluggish global growth.

The Toronto Stock Exchange’s S&P/TSX index closed up 173.92 points at 13,878.11, while the loonie added 0.18 of a U.S. cent to 76.30 cents US.

In New York, the Dow Jones industrial average surged 320.55 points to 17,489.16, the broader S&P 500 index advanced 33.57 points to 2,052.51 and the Nasdaq gained 79.93 points to 4,920.05.

Shares of Valeant Pharmaceuticals fell Tuesday, Wednesday and again on Thursday when it closed down $10.16 or more than six per cent at $144.05.

All of the sectors of the TSX closed higher, with metals and mining gaining 3.5 per cent.

In economic news, European Central Bank head Mario Draghi signalled Thursday that the bank could boost monetary stimulus at its next meeting in December.

On the commodity markets, the gold contract fell $1 to US$1,166.60 an ounce, the November crude contract was up 18 cents at US$45.38 a barrel and the November contract for natural gas was down two cents at US$2.38 per thousand cubic feet.

December copper gained two cents to US$2.38 a pound.