Stock markets rally in Toronto and New York

The Standard & Poor’s/TSX Composite Index rose 1.2 percent to 12,968.66 at 10:28 a.m.in Toronto, less than 0.5 percent away from wiping out declines for the year.

The Canadian dollar up 0.43 of a cent to 73.06 cents US.

On the commodity markets, the April crude contract dipped $1 at US$30.81 per barrel.

“The fact that we’re continuing to see those (supply) numbers come down means production is likely going to be reined in”, said Craig Fehr, a Canadian markets strategist at Edward Jones in St. Louis.

Benchmark 10-year USA notes were last up 14/32 in price to yield 1.6985 per cent, down from 1.745 per cent late Tuesday.

Stocks across the globe fell on Wednesday on concerns over economic growth but were off their session lows after crude oil futures turned higher following US data.

“Al-Naimi’s remarks punctured an oil-price rally that has lacked substance”, said David Hufton of broker PVM.

Seven of the 13 TSX subgroups were higher, as health-care moved upward 4.3%, energy was better by 1.2%, and information technology was up 0.6%.

Base metal prices were up after a rise in China’s steel industry raised the prospect of a revival in metals demand, given that China is the world’s biggest consumer of metals.

The S&P energy sector.SPNY rose 2.23 percent, boosted by Chevron’s (CVX.N) 2.68 percent increase.

But gold, which has been rallying lately as a perceived safe haven, slipped $19.80 to $1,211 U.S. an ounce as investors felt comfortable about accepting more risk.

Other influential decliners included several of the index’s heavyweight banks that are lining up to report quarterly results later this week. About 7.1 billion shares changed hands on U.S. exchanges, below the roughly 9.1 billion daily average for the past 20 trading days, according to Thomson Reuters data.

TD declined 95 cents, or 1.8%, to $51.23.

Valeant Pharmaceuticals International Inc. slumped 5.3 percent to fall a third day.

West Texas Intermediate crude surged 5.7 percent in NY, extending gains after a 0.7 percent advance last week.