Loonie hits nine-month high at 78.13 cents U.S.

The S&P/TSX composite index climbed 131.78 points

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TORONTO – The Canadian dollar is trading near a nine-month high and stock markets are experiencing a late-morning surge.

The loonie was as high as 78.13 cents US at one point this morning, up 0.60 from Monday’s close.

It’s the first time since last July that Canada’s currency has been above 78 cents US.

At the Toronto Stock Exchange, the S&P/TSX composite index climbed 131.78 points or nearly one per cent, at 13,554.54.

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In New York, the Dow Jones industrial average gained 150.08 points at 17,707.38, the broader S&P 500 composite index advanced 15.01 points to 2,057.00 and the Nasdaq composite added 27.96 points at 4,861.36.

The May crude contract was up 96 cents at US$41.32 per barrel and May natural gas jumped six cents at US$1.98 per mmBTU.

The June gold contract fell $1.80 to US$1,256.20 an ounce and May copper contracts rose four cents to US$2.13 a pound.

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