· TSX +93.47 to 13,434.30 (CP)
Bank and energy stocks led the way to a solid advance as Eurozone leaders announced a new plan to deal with the Greek government debt crisis. Eurozone leaders say that, together with the International Monetary Fund, they will give Greece a second bailout worth euro 109 billion (US$155 billion). But banks and other private investors will also share in the heavy lifting — they will contribute some euro37 billion to the rescue package.
· DOW +152.50 to 12,724.41
· Dollar +.23c to 105.78c USD
The Canadian dollar was on a tear, after earlier running up as high as 106.11 cents US, its highest level since late November 2007. The loonie has surged about 1.5 cents since Tuesday when the Bank of Canada indicated that interest rates will rise from their current level of one per cent. Analysts say higher rates and favorable economic conditions should keep the dollar well above parity.
· Oil +$.73 to $99.13USD per barrel
· Gold -$9.90 to $1587 USD per ounce bullion prices declined for a third day.
The spread (based on the MERIX 5 yr published rate of 3.84%) is at the top of the comfort zone at 1.57. The spread based on the quick close of 3.64% is mid comfort zone at 1.37.
