TORONTO -- An optimistic take on the European economy and solid earnings news pushed the Toronto stock market higher.

The S&P/TSX composite index gained 20.27 points to 15,103.11, as European Central Bank president Mario Draghi said the ECB had upgraded its growth forecast for the eurozone in 2015 to 1.5 per cent from 1.0 per cent. Draghi says looking ahead, the ECB expects the economic recovery to broaden and strengthen.

The Canadian dollar fell 0.58 of a U.S. cent to 79.96 cents.

New York indexes were positive with traders set to digest the U.S. government's employment report for February on Friday. Economists generally expected the economy to have created about 235,000 jobs last month.

The Dow Jones industrials rose 38.82 points to 18,135.72, the Nasdaq was ahead 15.67 points at 4,982.81 and the S&P 500 index climbed 2.51 points to 2,101.04.

April crude in New York fell 77 cents to US$50.76 a barrel.