TSX Close: TSX Rallies to Close 126 Points Higher on Hopes of Euro Debt Crisis Fix

By Midnight Trader,  July 27, 2012, 03:59:35 PM EDT

Toronto markets ended the week on a positive note as the S&P/TSX Composite Index rallied 126 points - about 1% - to close the Friday session at 11,766.

The TSX was in modestly positive territory for most of the day before advancing rapidly in the final hours of trading, hitting a day high of 11,802.

Investor sentiment was positive on news that Europe's leaders are working to repair the debt crisis. Markets have rallied since European Central Bank president Mario Draghi pledged Thursday to do whatever it takes to save the euro.

The TSX also got a boost from U.S. data showing economic growth slowed during the second quarter, raising expectations of monetary stimulus from the U.S. Federal Reserve.

Nearly all of the TSX's sub-sectors closed higher, including energy, up 2.7%, and information technology, which gained 2.3%. Actively traded shares included Progress Energy Resources (PRQ.TO, +14%), Bombardier (BBD-B.TO, -0.6%) and Nexen (NXY.TO, -0.04%).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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