WatchTSX rallies as energy shares soar amid rate decision

TORONTO — A spike in oil prices helped send the Toronto stock market to a higher finish as most other key sectors also found strength.The S&P/TSX composite rose 61.59 points to close at 15,450.87, coming off a triple-digit gain earlier in the session. Crude futures prices settled at their highest level of the year after the U.S. Energy Information Administration reported that American inventories of crude were up for a 14th consecutive week, but by less than expected. May crude ended nearly six per cent higher at US$56.39 a barrel — an increase of $3.10.In New York, some of the companies reporting financial results impressed traders who have had restrained expectations for the first quarter.The Dow Jones industrial average was up 75.91 points at 18,112.61, the Nasdaq rose 33.73 points to 5,011.02 and the S&P 500 advanced 10.79 points to 2,106.63.The loonie rose 1.24 cents U.S. to 81.30 cents as the Bank of Canada held its trend-setting overnight rate at 0.75 per cent while also reducing its growth forecast for the year.Oil spikes to highest level this year on report U.S. crude stockpile gains easeBank of Canada keeps interest rate on hold amid signs oil shock is already beginning to fade