TSX advances after sharp sell-off

Buyers snapped up stock market deals

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TORONTO – The Toronto stock market closed higher with the resource sectors positive as buyers started to nibble at companies that have sustained a severe mauling because of a steep drop in oil prices and other economic concerns.

The S&P/TSX composite index gained 51.56 points to 14,195.73.

The Canadian dollar was up 0.32 of a cent at 87.41 cents US.

Worries that last week’s positive jobs creation data could result in the U.S. Federal Reserve moving sooner than expected to raise interest rates punished most U.S. indexes.

The Dow Jones industrials fell 51.28 points to 17,801.2, while the Nasdaq gained 25.78 points to 4,766.47 and the S&P 500 index dipped 0.49 of a point to 2,059.82.

Oil prices rose 77 cents to US$63.82 a barrel after tumbling almost US$3 on Monday.

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