Toronto stocks soared on Tuesday and the Dow and S&P 500 indexes closed at record highs after upbeat gross domestic product reports out of both the U.S. and Canada.
The TSX/S&P index was up 161.65 points to 14,594 after Canadian GDP expanded by a stronger-than-expected 0.3 per cent in October. The TSX is now up seven per cent on the year.
GDP gains were recorded in mining and oil and gas extraction, sectors that most might expect to be hurt by lower oil prices, as well as manufacturing, Statistics Canada said.
The numbers out of the U.S. were even stronger, with the economy growing at an annualized rate of five per cent in the July-September period, the fastest since 2003.
That propelled the Dow through the 18,000 level for the first time as trading opened on Tuesday. The main New York index closed up 64 points to 18,024.
The broader S&P 500 index also continued its string of gains, up 3.63 points to 2,082. It also is in record territory and could rack up a 13 per cent gain for 2014 if it holds its value. The Nasdaq was down 16 points to 4764.
In addition to the GDP numbers, there was good news on the consumer front, with U.S. shoppers spending 0.6 per cent more in November as incomes began to rise amid a surge of hiring.
On the downside, factory orders did not grow as much as expected and house sales were off in November.
Analysts say the run-up in New York stocks is a classic "Santa Claus rally" in which stocks run up with just a few trading days left in the year.
"You have to understand that U.S. economic output is at an all-time high and corporate profits are at an all-time high," Cameron Hinds of Wells Fargo Bank said.
"Bull markets typically don't die purely of old age, they tend to die of recessions and overvaluation and perhaps policy mistakes, and we don't see any of those on the horizon."
U.S. stocks have been rising for five years and the market has bounced back after a rough patch earlier this month.
Oil was enjoying a rebound after weeks of volatility. The West Texas Intermediate contract traded in New York was up $1.91 cents to $57.17 US a barrel and Brent crude was up $1.58 cents to $61.68 US.
The Canadian dollar edged higher to 85.98 US, propelled by the improvement in oil prices.
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