Toronto stocks surged ahead Thursday after two days of losses as energy issues rose in tandem with oil prices.

The S&P/TSX composite index jumped 198.06 points, or 2.25%, to finish at 8,995.50,

The benchmark index is now up by about 0.1% for the year, after being under water since January.

Eight of the 10 main TSX groups ended higher.

The energy sector rose 3.29% as the price of crude settled up nearly 3% at US$54.34 a barrel.

Suncor Energy was up 5.2% at $29.90, while EnCana rose 2.94% to $54.68.

The financials group was up with Manulife Financial ahead 64¢ to $15.52 while Royal Bank added 62 cents to $37.44.

Money management firm Sprott Inc. reported fourth-quarter net income of $20.4 million, down from a year-ago $27.6 million as assets under management fell 21% in three months. Its shares added 4¢ to $4.63.

The junior S&P/TSX Venture composite index rose 24.98 points, or 2.63%, to 974.02.

The Canadian dollar slipped 0.3 of a cent to end the day at US81.37¢.

In New York, U.S. stocks rallied for a second straight session after the government reported economic data that was less dire than expected.

Final fourth-quarter GDP numbers, weekly jobless claims data released Thursday were roughly in line with Wall Street’s expectations.

The Dow Jones industrial average jumped 174.75 points, or 2.25%, to 7,924.56. The S&P 500 rose 18.98 points, or 2.33%, to 832.86.

The Nasdaq composite index surged 58.05 points, or 3.80%, to 1,587.00, taking it back into positive territory for the year.

IE