European Central Bank (ECB) President Mario <strong>Draghi</strong> arrives at the European Parliament's Economic and Monetary Affairs Committee in Brussels September 3, 2012.Francois Lenoi/Reuters
The Toronto stock market was higher at the open after the European Central Bank announced a program designed to help alleviate higher borrowing costs that have squeezed the most vulnerable members of the eurozone, including Spain and Italy.
The program will see the ECB buy up government bonds on the secondary bond market, where previously issued securities are traded.
The S&P/TSX composite index gained 81.16 points to 12,071.3, while the Canadian dollar was up 0.53 of a cent at 101.45 cents US.
U.S. markets also got a boost from positive employment news a day before the release of the August non-farm payrolls report. Payroll firm ADP said the American private sector created 201,000 jobs last month, much higher than an expected reading of 140,000.
The Dow Jones industrials ran up 122.26 points to 13,169.74, the Nasdaq composite index climbed 26.44 points to 3,095.71 and the S&P 500 index advanced 11.34 points to 1,414.78.
Oil gained $1.66 to US$97.02 a barrel.