12/23/2015 12:00 EST | Updated 12/23/2016 05:12 EST

Loonie Increases While Stock Markets And Oil Price Advance

The dollar was up 0.28 of a cent at 72.03 cents US.

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Pile of Canadian one dollar coins. The Canadian one dollar coin, commonly called the 'loonie', is a gold-coloured one-dollar coin. It bears images of a common loon, a bird which is common and well known in Canada. The coin has become the symbol of the Canadian dollar.

TORONTO— The Canadian dollar and North American stock markets surged Wednesday as the price of oil recovered some lost ground.

The February contract for oil jumped $1.36 to US$37.50 a barrel, after hitting 11-year lows earlier this week.

The loonie— which is heavily influenced by oil prices— was up 0.38 of a cent at 72.13 cents US.

The Toronto Stock Exchange's S&P/TSX index rose 159.63 points to 13,242.49.

The Dow Jones average of 30 stocks was up 130.42 points at 17,547.69, the broader S&P 500 index advanced 17.04 points to 2,056.01 and the Nasdaq gained 30.26 points to 5,031.37.

On the commodity markets, the February gold contract fell $5.70 to US$1,068.40 an ounce and the January contract for natural gas was unchanged at US$1.89.

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