Skip to main content

The Toronto stock market racked up a triple-digit advance on the first day of 2009 trading as investors snapped up stocks in some of worst performing sectors from last year.  New York markets also surged even as investors took in data showing a further slump in the U.S. manufacturing sector but fully expect significant moves to stimulate the American economy after president-elect Barrack Obama is sworn-in later this month.  "You have a big stimulus package coming from the incoming U.S. administration - the timing is uncertain but we know it's going to be enormous," said John Johnston, chief strategist, The Harbour Group, RBC Dominion Securities.  Toronto's S&P/TSX composite index was up 167.88 points to 9,155.58 with all sectors positive save gold and consumer staples stocks.  The TSX ended 2008 down 35 per cent for the year - the second-worst year ever, compared with a 37 per cent decline in 1931.  New York's Dow Jones industrial average, down 34 per cent for 2008, rose 208.4 points to 8,984.8.  The TSX Venture Exchange added 36.87 points to 83.89. The Canadian dollar edged up 0.37 of a cent to 82.47 cents US.  The Nasdaq composite index, fresh from a 40 per cent plunge last year, rose 42.77 points to 1,619.8 while the S&P 500 added 23.2 points to 926.45 following a 38 per cent tumble in 2008.

-The Canadian Press

Report an error Licensing Options
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Globe Newsletters

Get a summary of news of the day

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at privacy@globeandmail.com.