Canada's S&P/TSX Composite Index Reaches Best Closing Level In Over A Year

After fluctuating early in the session, Canadian stocks moved mostly higher over the course of the trading day on Thursday.

The benchmark S&P/TSX Composite Index climbed 100.90 points or 0.5 percent to 20,700.50, reaching its best closing level in well over a year.

The strength on Wall Street came following the release of some upbeat U.S. economic data, including a Commerce Department report showing U.S. economic activity surged by more than expected in the fourth quarter of 2022.

The data contributed to optimism the U.S. economy could be poised for a soft landing even in light of the Federal Reserve's aggressive monetary policy tightening.

Energy stocks helped lead the way higher on the day, with the S&P/TSX Capped Energy Index surging by 2.5 percent.

The rally by energy stocks came amid a notable increase by the price of crude oil, with crude for March delivery jumping $0.86 or 1.1 percent to $81.01 a barrel.

Technology and financial stocks also saw notable strength on the day, while gold stocks moved notably lower amid a decrease by the price of the precious metal.

With gold for February delivery falling $12.60 or 0.7 percent to $1,930 an ounce, the S&P/TSX Global Gold Index slumped by 1.8 percent.

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