Commodities Rally Fuels The Party On Bay Street -- Canadian Commentary

(RTTNews) - Canadian stocks rallied for a fourth day Tuesday, powered by further gains among resource producers.

Metal stocks skyrocketed for a second day as the U.S. dollar continued to weaken, boosting gold and other metal prices.

The Diversified Metals and Mining Index jumped more than 7 percent, adding to a similar advance from the previous session.

The Energy Index rose 4 percent. WTI crude oil for November surged up $2.27, or 4.9%, to settle at $48.53/bbl, the highest closing level since August.

Banking stocks also pushed higher, but health care stocks lost more than 2 percent.

Air Canada (AC.TO) added 1.5 percent. The company reported a system-wide capacity increase of 11.5 percent in September and a load factor of 83.6 percent.

Canexus Corp. (CUS.TO) surged up 25.2 percent, after chemicals company Superior Plus Corp said it would buy it for C$324.1 million.

First Quantum (FM.TO) revised its deal with Franco-Nevada Corp for the copper-gold Cobre Panama mine, and cut more than 600 jobs. The stock jumped 21 percent.