TORONTO - The Toronto stock market closed sharply higher with investors growing convinced that European leaders will move quickly to fix the debt crisis that has been simmering in Greece.
The S&P/TSX composite index surged 158.94 points to 11,274.24. The Canadian dollar was up 0.57 of a cent to 93.64 cents US, while oil gained $1.86 to US$73.75 a barrel.
Fears about unsustainable debt loads taken on by some European countries, particularly Spain, Portugal and Greece, have driven markets lower recently.
But hopes are high that EU leaders will come up with a plan to deal with the debt crisis in Greece during the course of a meeting on Thursday.
The Dow Jones industrials jumped 150.25 points to 10,058.64. The Nasdaq composite index gained 24.82 points to 2,150.87 while the S&P 500 gained 13.78 points to 1,070.52.
