Surging energy shares, prompted by OPEC’s decision to cut oil output, powered the S&P/TSX composite index to its fourth-straight higher close Tuesday. The benchmark index rose 56.31 points to 8,751.51.

Energy stocks rose 2% to lead all TSX sectors, as the OPEC decided to cut output by 1 million barrels a day.

EnCana, which also said its 2003 reserve estimates grew by 12%, ended the session up $2.15, or 4%, at $54.70, while Compton Petroleum rose 17¢, or 2.5%, to $7.09.

Nine of the TSX’s 10 subindexes ended higher, with the materials group gaining of 0.8%.

Shares of Bombardier rose 8¢ to $6.90, after an order it received for 12 regional jets fueled hopes of a rebound in the aerospace market.
Market momentum was positive as 750 issues advanced and 523 declined, with a heavy volume of 309 million shares changing hands.

The junior S&P/TSX Venture composite index added 14.23 points to close at 1,866.18.

On Wall Street, stocks rode strong earnings to modest gains in unusually light trading prior to Federal Reserve Chairman Alan Greenspan’s congressional testimony.

Greenspan, scheduled to testify before House and Senate committees Wednesday and Thursday, was expected to give a bullish report on the economy and reiterate that the Fed can exercise patience in raising interest rates.

The Dow Jones industrial average rose 34.82, to finish at 10,613.85.

Broader stock indicators were also higher. The S&P 500 was up 5.37 at 1,145.18, and the tech-heavy Nasdaq composite index climbed 14.76 to 2,075.33.

The Canadian dollar fell to US75.18¢ from US75.30¢ at Monday’s close.