TSX In Rally Mode, Goldcorp And Barrick Partner Up -- Canadian Commentary

(RTTNews) - Canadian stocks rose sharply Tuesday, extending gains from the previous session amid renewed optimism about the global economy.

The S&P/TSX Composite Index was up 92.35 points to 15,598.57, powered by widespread gains. That's the highest finish in 11 days.

Energy stocks performed particularly well, gaining 2.1 percent. May WTI oil gained 64 cents, or 1.3%, to settle at $48.37/bbl, the highest in a week.

Financials also edged higher, but falling gold stocks prevented a bigger advance in the TSX.

On Wall Street, the DJIA snapped its longest losing skid in 6 years as traders picked up bargains in many sectors.

Goldcorp (G.TO) bought Kinross Gold's 25 percent stake in Cerro Casale for $445M upfront in cash and shares.

Goldcorp will also team up with rival Barrick Gold to work on developing gold mines in northern Chile. Goldcorp shares fell 6 percent, but Barrick added 2.7 percent.