02/22/2016 11:11 EST | Updated 02/22/2017 00:12 EST

Toronto and New York stock markets rally on higher commodity prices

TORONTO — The Toronto stock market rallied in late morning trading, boosted by strong gains in the metals and energy sectors, as the price of oil climbed.

The S&P/TSX index climbed 139.35 points or 1.09 per cent at 12,952.75.

The Canadian dollar was higher, up 0.45 of a U.S. cent to 73.05 cents US.

On the commodity markets, the April crude contract added $1.71 at US$33.41 per barrel.

The positive sentiment was also felt across the major indexes in New York.

The Dow Jones industrial average jumped 182.51 points or 1.11 per cent at 16,574.50.

The broader S&P 500 composite index added 22.37 points or 1.17 per cent to 1,940.15 and the Nasdaq composite index gained 49.07 points or 1.09 per cent to 4,553.49.

The March contract for natural gas was up two cents at US$1.83 per mmBtu, while April gold lost $17.90 to US$1,212.90 an ounce.

The Canadian Press