Stocks close higher with Europe’s promise of help to Greece

The Toronto stock market closed higher amid investor relief that the European Union stands ready to help Greece deal with its huge debt problem.

The S&P/TSX composite index ran up 149.16 points to 11,435.49 and the Canadian dollar rose 1.06 cents to 95.13 cents US.

EU President Herman Van Rompuy said after a meeting of the group’s leaders that countries that use the euro are ready to take “co-ordinated measures” if necessary to help Greece stave off default.

The Greek financial crisis has been undermining confidence in Europe’s shared currency, the euro.

The base metals sector was the leading TSX advancer and energy stocks also advanced as oil climbed 76 cents to US$75.28 a barrel.

New York’s Dow Jones industrial average gained 105.81 points to 10,144.19. The Nasdaq composite index rose 29.54 points to 2,177.41, while the S&P 500 climbed 10.34 points to 1,078.47.

For this evening’s market data tables, click here.

(02/11/10)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.