TORONTO - The Toronto stock market closed slightly higher as investors tried to take the Dubai credit crisis in stride, hoping that it won't stall a global economic recovery.
The S&P/TSX composite index closed 27.61 points higher at 11,464.41. The TSX had tumbled 200 points Thursday in the wake of an announcement that Dubai World, a government investment company, had asked creditors to postpone its forthcoming payments on US$60 billion in debt until May.
The Dubai announcement Wednesday stoked fears of a potential default and contagion around the global financial system, particularly in emerging markets.
The Canadian dollar was down 0.09 of a cent to 94.21 cents US as the Dubai issue sent commodity prices lower. Oil fell $1.91 to US$76.05 a barrel, while December bullion declined $12.80 to US$1,174.20 an ounce.
New York markets closed sharply lower, catching up with the losses racked up by other global markets during the American Thanksgiving holiday. The Dow Jones industrial averaged closed down 154.48 points at 10,309.92 at the end of a shortened session, the Nasdaq fell 37.61 points to 2,138.44 and the S&P 500 index moved back 19.14 points to 1,091.49.
