TORONTO -- Canada's main stock index rallied to its highest closing in more than four months on positive COVID-19 vaccine news that supported companies directly tied to an economic reopening.

The S&P/TSX composite index gained 154.88 points to 16,063.33.

In New York, the Dow Jones industrial average was up 227.51 points at 26,870.10. The S&P 500 index was up 29.04 points at 3,226.56, while the Nasdaq composite was up 61.92 points at 10,550.49.

The Canadian dollar traded for 73.89 cents US compared with 73.44 cents US on Tuesday after the Bank of Canada's announcement it would keep its key interest rate on hold.

The August crude contract was up 91 cents at US$41.20 per barrel and the August natural gas contract was up 3.2 cents at nearly US$1.78 per mmBTU.

The August gold contract was up 40 cents at US$1,813.80 an ounce and the September copper contract was down 4.75 cents at nearly US$2.89 a pound.

This report by The Canadian Press was first published July 15, 2020