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Global markets were lifted by strong U.S. corporate earnings, hopes for a Chinese trade deal and the U.S. Federal Reserve Board voicing an even more dovish approach to interest rate hikes.

The S&P/TSX composite index closed up 21.41 points to 15,484.55.

In New York, the Dow Jones industrial average was up 434.90 points to 25,014.86. The S&P 500 index was up 41.05 points at 2,681.05, while the Nasdaq composite was up 154.79 points at 7,183.08.

The Canadian dollar traded at an average of US75.80¢ compared with an average of US75.38¢ on Tuesday.

The March crude contract was up US92¢ at US$54.23 per barrel and the March natural gas contract was down US 4.9 cents at US$2.85 per mmBTU.

The April gold contract was up US 30¢ at US$1,315.50 an ounce and the March copper contract was up US4.25¢ at US$2.77 a pound.