The Toronto Stock Exchange was set to close in positive territory for the sixth consecutive day on Thursday and push Canada's benchmark stock index to its highest level of the year.
Headed into the close, the S&P/TSX Composite Index was trading at 13,128, up 110 points on the day. That's the highest level the benchmark index has been at in calendar 2016.
Following the Christmas holiday when the stock market shut down, the TSX rattled off a long series of losses before bottoming out at 11,843 on Jan. 20.
Since then, Canadian stocks have come roaring back and are now up by 1,300 points from their low of six weeks ago. The index is still well off its all-time high of 15,561 set in the summer of 2014, before oil prices dive from over $100 US a barrel to below $40 today.
The TSX has been buoyed by energy companies that have quietly rallied as oil prices have seemingly found a bottom above $30 a barrel.
"We've had a pretty nice run of late because of oil prices steadying and positive macro economic data," said Art Hogan, chief market strategist at Wunderlich Securities in New York.
And the federal government loudly signaling it plans to spend heavily to stimulate the economy for the next few quarters is good news for other companies in the broader economy, especially the big banks whose shares have rallied since posting earnings last week.
Gold has also been a positive force, up $21 US on Thursday to $1,261 US an ounce. Many gold companies, including Goldcorp, Barrick, Yamana Gold and others, are also higher, which pushes up the overall index.
Oil and the loonie were both slightly lower on Thursday, with a barrel of oil going for $34.57 US and a Canadian dollar changing hands at 74.60 cents US.
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