S&P/TSX composite gains 100 points on energy and base metals; U.S. markets also rise

The S&P/TSX composite index closed up 100.01 points at 19,672.25.

Canada’s main stock index gained a hundred points Thursday led by strength in the energy and base metals sectors, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 100.01 points at 19,672.25, with the energy index up more than one per cent as the price of oil went back above US$70 a barrel.

In New York, the Dow Jones industrial average was up 153.30 points at 33,061.57. The S&P 500 index was up 41.19 points at 4,221.02, while the Nasdaq composite was up 165.70 points at 13,100.98.

With the clock ticking, the U.S. Senate is dashing to finish up the debt-ceiling bill after it passed in the House Wednesday night.

Though the uncertainty amid ongoing talks had weighed on markets, investors are focusing on other things, said Tamsin Wilding, fixed income analyst at Leith Wheeler.

“I think that’s starting to fade into the background now as we move past that,” said Wilding.

What is front and centre now is the discussion about whether the Federal Reserve is going to pause rates at its next meeting, she said.

Recent economic data releases have had investors increasingly eyeing a potential hike despite earlier expectations of a pause.