01/08/2015 11:09 EST | Updated 03/10/2015 05:59 EDT

TSX shoots higher for 2nd day as oil prices stabilize

The Toronto stock market shot higher today for a second day, as oil prices appeared to stabilize.

The S&P/TSX composite index gained 212.86 points to 14,497.86 with all sectors higher, following a steep sell-off that began 2015.

The Canadian dollar rose by 0.03 of a cent to 84.61 cents US. The dollar is down about 10 cents from a year ago.

Oil prices continued to rise, largely on data released Wednesday by the U.S. Energy Information Administration that showed U.S. crude inventories were down by 3.1 million barrels last week.

The West Texas Intermediate contract traded in New York rose 34 cents to $49 US a barrel. Brent crude was up 19 cents to $51.34.

Thursday marked the second day that oil moved higher, and investors hopeit will find a bottom after four months of volatility.

Oil is half the price it was six months ago, and that steep drop has weighed on Canadian stocks.

Energy stocks moved down by eight per cent in the first week of the year, but climbed by two per cent on Thursday.

U.S. indexes were also sharply higher. The Dow was up 215 points to 17,800, the S&P 500 rose 22 points to 2048 and the Nasdaq climbed 53 points to 4703.

Investors were reassured by the minutes of the last U.S. Federal Reserve meeting released Wednesday. They showed the Fed expects to raise interest rates in the middle of the year or later.