Gold and industrial stocks powered Toronto markets Wednesday morning, while U.S. markets got some good news about inflation and some help from falling oil prices.

At midday, the Standard & Poor’s/TSX Composite Index added 49.82 points or 0.53% to 9421.22, while the TSX Venture Exchange was down 2.61 or 0.16% at 1591.02.

In New York, The Dow Jones industrial average rose 90.89 or 0.88% to 10422.77. Broader stock indicators were also higher. The Standard & Poor’s 500 index was ahead by 8.37 or 0.71% to 1182.17, and the Nasdaq composite index added 16.86 or 0.84% to 2021.01.

The Canadian dollar continued to rise following the defection of Belinda Stronach to Prime Minister Paul Martin’s Liberal Party. Her jump Tuesday raised expectations he will win a budget vote on Thursday, saving his minority government from ouster. The dollar was up 0.28 of a cent to US79.26¢ in Toronto.

In Toronto, the TSX induistrials sub-group was ahead by 1.17%, with FirstService, a provider of real-estate Services, adding 58¢ or 2.42% to $24.58,while Canadian National Railway added $1.65 or 2.26% to $74.82.

Gold prices rose from a three-month low as the dollar declined against the euro, boosting the precious metal’s appeal as an alternative to U.S. assets. Gold for immediate delivery rose 80¢ or 0.2% to US$420.60 an ounce in New York.

Gold shares as a group were up 1.37%. Goldcorp added 39¢ or 2.45% to $16.34 and Barrick Gold Corp. jumped 31¢ or 1.13% to $27.86.

In New York, a good news report on price inflation and easing oil prices pushed stocks higher.

The Labor Department reported before the market opened that the consumer price index, the most closely watched barometer of inflation, rose 0.5% in April, led by higher energy and food prices.

But without the swings in those volatile price categories, inflation in what’s known as core prices was flat in April, a major improvement from March, when that measure shot up by 0.4%, its largest gain in more than two years.

The report provided relief to investors who had become worried about inflation, particularly after a separate reading of producer prices on Tuesday showed a higher-than-expected increase in wholesale prices.

Meanwhile, prices for crude oil fell after government data showed U.S. commercial oil stocks rose last week to their highest level in six years, topping analysts’ exepectations. Futures for light sweet crude oil fell 72¢ to US$48.25 a barrel on the New York Mercantile Exchange.

Overseas, Japan’s Nikkei stock average rose 0.1%. In afternoon trading, Britain’s FTSE 100 was up 1.1%, Germany’s DAX index was up 1.5%, and France’s CAC-40 was up 1.5%.