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TORONTO— The Canadian dollar and North American stock markets surged Wednesday as the price of oil recovered some lost ground.

The February contract for oil jumped $1.36 to US$37.50 a barrel, after hitting 11-year lows earlier this week.

The loonie— which is heavily influenced by oil prices— was up 0.38 of a cent at 72.13 cents US.

The Toronto Stock Exchange’s S&P/TSX index rose 159.63 points to 13,242.49.

The Dow Jones average of 30 stocks was up 130.42 points at 17,547.69, the broader S&P 500 index advanced 17.04 points to 2,056.01 and the Nasdaq gained 30.26 points to 5,031.37.

On the commodity markets, the February gold contract fell $5.70 to US$1,068.40 an ounce and the January contract for natural gas was unchanged at US$1.89.

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Source: HP

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