03/31/2015 14:13 EDT | Updated 05/31/2015 01:12 EDT

TSX higher despite falling commodities prices; New York markets lower

TORONTO - The Toronto stock market recovered from an early decline to post a solid advance early afternoon Tuesday as strength in financials and industrials offset falling commodities prices.The S&P/TSX composite index rose 32 points to 14,940.39. The loonie also rebounded from an early loss and was up 0.13 of a U.S. cent to 78.91 cents.The Canadian dollar improved after the release of Canadian gross domestic product data for January, which showed a smaller decline than economists had expected.On the commodity markets, the May crude oil contract was down 42 cents at US$48.26 a barrel, while the June gold bullion contract was off $3.70 at US$1,181.60 an ounce.Copper was down four cents at US$2.74 a pound, with metals and mining the worst performing sector on the TSX, down 2.70 per cent.In New York, the Dow Jones industrial average fell 82.78 points to 17,893.53, while the Nasdaq dropped 18.78 points to 4,928.66. The S&P 500 index lost 6.81 points to 2.079.43.