09/02/2016 07:19 EDT | Updated 09/03/2017 01:12 EDT

Resource stocks lead Toronto stock market higher, loonie advances

TORONTO — Resource stocks are leading the charge today as the Toronto Stock Exchange surged more than 100 points in late morning trading.

The S&P/TSX composite index was up 119.48 points at 14,803.39 after 90 minutes of trading.

It was a broad-based advance led by mining and energy stocks.

The Dow Jones industrial average was up 101.90 points at 18,521.20, the broader S&P 500 composite index advanced 11.50 points to 2,182.36 and the Nasdaq composite gained 30.41 points to 5,257.62.

The Canadian dollar was at 76.75 cents US, up 0.33 of a cent from Thursday's close.

That came after Statistics Canada released what some saw as an encouraging sign — a narrowing trade deficit of $2.5 billion for July.

The October crude contract was up $1.14 at US$44.30 per barrel and October natural gas was up two cents at US$2.82.

The December gold contract rose $4.50 to US$1,321.60 an ounce and December copper contracts rose about half a cent to US$2.08 a pound.