Bay Street Ends Topsy Turvy Week On A Happy Note -- Canadian Commentary

(RTTNews) - Canadian stocks rallied for a second session as crude oil prices skyrocketed from 12-year lows.

Investor fears have been soothed somewhat by central bank assurances that easing measures are possible to support the global economy.

Bolstered by widespread gains among all but metal stocks, the S&P/TSX Composite Index jumped 353.72 points, or 2.9 percent to 12,389.58.

Two days of gains have taken the index from Wednesday's 3-year lows.

March crude oil surged up 9%, gaining about $2.65 to $32.19 a barrel.

Energy stocks jumped 5.6 percent, while financials added 2.9 percent.

Gold shares lagged as investors shunned safe havens.

Barrick Gold (ABX.TO) expects to take up to $3-billion in impairment charges. The stock rose 2 percent.

On the economic front, Statistics Canada reported this morning that the Canadian consumer price index increased 1.6 percent from a year ago in December. Economists had expected an increase of 1.7 percent. The index declined 0.5 percent on a month over month basis, which was in line with expectations.

A separate report from Statistics Canada showed that Canadian retail sales climbed 1.7 percent in November. Economists had expected an increase of just 0.2 percent.