TSX at 2pm: TSX Rises on Hopes for Last Ditch U.S. Budget Agreement

The Toronto stock market was higher on the last trading day of the year as lawmakers in Washington pushed for a last-minute agreement to head off tax hikes and spending cuts due to kick in January 1.

U.S. President Barack Obama said a budget deal was within sight, although not done.

The S&P/TSX Composite Index was up 72 points to 12,388, just off session highs of 12,401.

The materials sector led gainers with a 1.7% rise as gold stocks advanced.

Heavily traded Penn West Petroleum (PWT.TO) added 1% while Cline Mining (CMK.TO) fell 7%.

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

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

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