TSX Dow SP 500 soar on strong GDP growth

TORONTO — Stock markets in Toronto and New York closed higher, with the Dow and S&P 500 ending the day at record levels amid a slew of positive economic data from both Canada and the United States.The S&P/TSX composite index soared 161.65 points to 14,594.03. The Canadian dollar climbed 0.05 of a cent to 85.98 cents US.Statistics Canada says gross domestic product rose by 0.3% in October, beating economists’ expectations of 0.1%. The growth was broad based and due largely to oil and gas extraction, mining and manufacturing.In the U.S., the Commerce Department revised upwards its GDP growth figures for the third quarter to five per cent, the fastest pace in more than a decade. The previous figure was 3.9%.BOOM! Dow Jones storms past 18,000 as U.S. economy grows at fastest pace in 11 yearsCanada’s economy picks up the pace, putting growth on track to beat past two yearsThe positive data helped lift Wall Street, as the Dow Jones industrials advanced 64.73 points to 18,024.17, its first-ever close above the 18,000-mark, while the S&P 500 index added 3.63 points to 2,082.17. Both were record highs. The Nasdaq declined 16 points to 4,765.42.In commodities, the February crude oil contract added $1.86 to US$57.12 barrel. February gold bullion contract fell $1.80 to US$1,178 an ounce, while March copper lost a penny to US$2.87 a pound.