The Toronto stock market closed modestly higher as the latest reading on U.S. manufacturing showed slowing expansion and the Chinese central bank moved to spark that country's slowing economy through a rate cut.
The S&P/TSX composite index gained 29.71 points to 15,264.05. The Canadian dollar declined 0.20 of a U.S. cent to 79.78 cents.
There was relief on markets after the People's Bank of China cut its key rate by a quarter point to 5.35 per cent as the government aims to keep to its growth target of around seven per cent.
U.S. indexes were higher as the Institute for Supply Management's manufacturing index dropped to 52.9 from 53.5, which was roughly in line with expectations. Among other things, the reading reflected a stronger American currency and lower oil prices, which have cut capital spending plans by energy companies.
The Dow industrials jumped 155.93 points to 18,288.63 and the S&P 500 index climbed 12.89 points to 2,117.39 and the Nasdaq rose 44.57 points to 5,008.1, closing above 5,000 for the first time since 2000.
Oil slipped 17 cents to US$49.59 a barrel.
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.