TSX moves higher as World Bank sees global economy picking up in 2014

TORONTO -- The Toronto stock market closed higher in the wake of a positive forecast on the global economy.

The S&P/TSX composite index gained 80.2 points to 13,772.58, while the Canadian dollar inched up 0.03 of a cent to 91.37 cents US.

The World Bank's Global Economics Prospects report said global growth is expected to rise from 2.4 per cent in 2013 to 3.2 per cent this year and 3.4 per cent in 2015.

Meanwhile, U.S. indexes were higher after a strong earnings report from Bank of America and a much better than expected reading on manufacturing in the U.S. Northeast.

The Dow Jones industrials jumped 108.08 points to 16,481.94, the Nasdaq was ahead 31.86 points at 4,214.88 and the S&P 500 index rose 9.5 points to 1,848.38.

Also supporting markets was a positive read on the economy by the U.S. Federal Reserve. Its latest regional survey said the American economy expanded at a moderate pace in December and retail sales gained in most of the 12 Fed districts.