TSX Finally Breaks Through 15,000 -- Canadian Commentary

(RTTNews) - Canadian stocks rallied along with U.S. markets Monday, as investors remained optimistic about economic growth on both sides of the border.

Toronto's S&P/TSX Composite Index surged through stubborn resistance to close above 15,000 for the first time since June 2015.

The TSX added 175.84 points, or 1.18%, to 15,039.87.

The major U.S. averages jumped to record highs.

Energy stocks surged up 3.1% as crude oil prices skyrocketed above $48 a barrel.

Gains were fueled by Russian leader Vladimir Putin's confidence that a deal with OPEC to curb supplies is imminent.

Jan. WTI oil settled at $48.24/bbl, up $1.88, or 4.1%.

Dec. WTI oil was up $1.80, or 3.9%, to settle at $47.49/bbl on expiration day. Prices touched their highest in three weeks.

Financials extended recent gains, picking up another 0.9%.

Teck Resources (TCK-B.TO) rose 3.8 percent. The company has agreed to acquire all of the issued and outstanding common shares of AQM Copper Inc. (AQM.V) that it does not already own.

DH Corp (DH.TO) has slashed its quarterly dividend from 32 cents to 12 cents per share. Shares rose 11 percent.

On the economic front, Statistics Canada reported this morning that Canadian wholesale sales unexpectedly dropped 1.2 percent in September. Economists had expected an increase of 0.5 percent.