TSX advances amid high hopes for start of U.S. holiday retail season
The Canadian Press
Published Friday, November 23, 2012 9:04AM EST
Last Updated Friday, November 23, 2012 4:31PM EST
TORONTO -- The Toronto stock market closed higher amid hopes for a strong U.S. holiday retail season.
The S&P/TSX composite index was up 60.14 points to 12,213.24. The Canadian dollar was up 0.53 of a cent to 100.81 cents US.
U.S. indexes surged on hopes for solid results from "Black Friday," the unofficial start to the holiday retail season.
The Dow Jones industrials jumped 172.79 points to 13,009.68, the Nasdaq composite index was 40.3 points higher at 2,966.85 and the S&P 500 index edged up 18.12 points to 1,409.15.
The day after Thanksgiving is dubbed Black Friday because it has the reputation as the day when U.S. retailers turn their first profit of the year as millions rush out to stores in search of holiday gifts.
Oil rose 90 cents to US$88.28 a barrel.