North American stock markets surge higher in late-morning trading

TORONTO -- Canada's main stock index surged higher in late-morning trading, fuelled by the key energy, financial, industrial and materials sectors.

The S&P/TSX composite index was up 186.15 points at 14,853.98.

In New York, the Dow Jones industrial average was up 342.22 points at 24,712.46. The S&P 500 index was up 39.16 points at 2,675.94, while the Nasdaq composite was up 140.03 points at 7,171.86.

The Canadian dollar traded for 75.00 cents US compared with an average of 74.62 cents US on Tuesday.

The January crude contract was up 66 cents at US$52.31 per barrel and the January natural gas contract was down 16.9 cents at US$4.24 per mmBTU.

The February gold contract was up US$4.40 at US$1,251.60 an ounce and the March copper contract was up 0.25 of a cent at US$2.77 a pound.