Markets, Dollar, Rally on EU Crisis Plan

Stocks, the Canadian dollar and commodities all soared Friday in the wake of an agreement among European leaders to a set of prescriptions for their debt crisis.

But analysts questioned how long the rally would hold.

In Toronto, the S&P/TSX composite index closed up 171.86 points, or 1.5 per cent, at 11,596.56.

In New York, the Dow Jones industrial average jumped 277.83 points, or 2.20 per cent, at 12,880.09. The Standard & Poor’s 500 index rose 33.12 points, or 2.49 per cent, at 1,362.16. The Nasdaq composite index gained 85.56, or three per cent, at 2,935.05.

The loonie jumped 1.40 cents to 98.22 cents US, thanks in part to surging commodity prices. Read More…

This article has 7 Comments

  1. Kelby Falcetti

    Geez is this whole european financial crisis still going on? Its been like 3+ years now and even the US has moved on.

  2. Jarred Lowe

    @josh you raise a good point. I’ve been thinking the same thing for a while. The US has actually pulled back more regulations too and so this 2008 bubble pop is nothing compared to what is coming shortly.

  3. Valentin S.

    Yay! Does this mean i can recover my major losses from RIM? I’m out almost $10K for the year 🙁

  4. Josh

    This is only the eye of the storm. Nothing has been fixed and no regulations are in place to prevent it from happening again.

  5. Roan P

    It realy is amazing how connected the world is seeing as how Canada was taking a beating until this was resolved.

  6. Winston Valentin

    And i thought we were in a boom not a recession. Were Canadians being lied to by the Harper administration all this time?

  7. Kade D.

    I am old school. I remember when the loonie was under $0.75 to the USD and we were all happy. Now its so common to see it at par. Strange how life changes over time.

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