TSX surges 172 points in broad-based rally


05/06/2012 23:54 AST  The Canadian Press

The Toronto stock market registered a solid advance as resource stocks led a rebound after a string of losses amid global economic uncertainty.

The S&P/TSX composite index jumped 171.79 points to 11,507.56.

The Canadian dollar gained 0.16 of a cent to 96.45 cents US as the Bank of Canada said that it was leaving its key interest rate unchanged at one per cent because of a worsening economic environment.

New York's Dow Jones industrial average was up 26.49 points to 12,127.95.

The Nasdaq composite index added 18.1 points to 2,778.11 and the S&P 500 index climbed 7.32 points to 1,285.5.

Oil gained 31 cents to US$84.29 a barrel.

The gain on the TSX followed a slide of almost two per cent last week as the European debt crisis spread to Spain's banking sector, which is weighed by toxic loans following the implosion of the country's real estate sector.

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