Canadian Stocks Rebound From 2-year Lows -- Canadian Commentary

(RTTNews) - Canadian stocks snapped back from their lowest in two years Tuesday, bolstered by renewed hopes that global markets can withstand a likely U.S. interest rate hike.

The S&P/TSX Composite Index was up 224.08 points, 1.77 percent, to 12,919.57.

Commodity prices rebounded, helping energy stocks trim severe losses from the previous few sessions.

Jan. oil climbed $1.04, or 2.9%, to settle at $37.35/bbl on Nymex.

It's been a brutal year for the oil patch, but today the Energy Index was up 2.4 percent.

Suncor Energy Inc. (SU, SU.TO), which has launched a hostile C$4.3 billion bid to acquire oil-sands producer Canadian Oil Sands Ltd. (COSWF, COS.TO), sent a letter urging COS shareholders to accept its offer.

Suncor shares were up 1.7 percent.

Financials added 1.4 percent, but miners remained in free fall, losing 1.6 percent.

The day's big winner was troubled drug maker Valeant (VRX.TO), whose shares surged up 15.6 percent on a deal with Walgreens.

All eyes will be on the Federal Reserve in the US tomorrow amid widespread speculation that policy makers are going to raise interest rates from zero.