06/06/2016 07:19 EDT | Updated 06/07/2017 01:12 EDT

TSX, New York markets rise on higher oil prices, traders wait for Yellen speech

TORONTO — The Toronto stock market headed higher as metals and energy stocks registered solid gains.

The S&P/TSX composite index climbed points 61.62 points at 14,288.40 in late morning trading.

The July crude contract added $1.20 at US$49.82 per barrel, with higher crude prices helping lift the Canadian dollar.

The loonie gained 0.65 of a cent to 77.91 cents US.

In New York, traders held onto a sunny outlook ahead of a speech by Federal Reserve chair Janet Yellen this afternoon to see if she'll respond to Friday's disappointing job figures.

The Dow Jones industrial average was up 120.67 points at 17,927.73, while the broader S&P 500 composite index climbed 11.10 points to 2,110.23.

The Nasdaq composite added 24.86 points to 4,967.38.

In other commodities, August bullion rose $5.90 to US$1,248.80 an ounce.

July natural gas jumped three cents at US$2.43 per mmBTU and July copper contracts rose 4.1 cents to US$2.11 a pound.

America Votes
The latest polls, breaking news and analysis on the U.S. election from HuffPost’s Washington, D.C. bureau