Stimulus moves in China prompt tripledigit gains in Toronto New York

TORONTO — Stock markets in Toronto and New York soared to three-digit gains, propped up by burgeoning oil prices and signs that China is moving to kick-start its slowing economy.On Bay Street, the S&P/TSX composite index rallied 211.35 points, or 1.56 per cent, to 13,775.19, led by gains in energy and mining companies.Overnight, Beijing announced it was going to increase bank lending while also offering greater tax rebates and more support for export credits. The June contract for benchmark North American crude rose $1.22 to US$44.66 a barrel.Elsewhere in commodities, the June contract for natural gas was up six cents at US$2.16 per mmBtu, while June gold fell $1.80 to US$1,264.80 a troy ounce and July copper eased  a penny to US$2.09 a pound.The commodity-sensitive Canadian dollar also rebounded from recent losses, up 0.28 of a U.S. cent to 77.42 cents US.New York markets were also sharply higher with the Dow Jones industrial average surging 222.44 points or 1.26 per cent to 17,928.35, while the broader S&P 500 rose 25.70 points to 2,084.39 and the Nasdaq added 59.67 points to 4,809.88. read more