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Canada’s main stock index rallied to its highest level in seven weeks despite a big drop in crude oil prices.

The S&P/TSX composite index closed up 73.80 points at 16,611.14.

In New York, the Dow Jones industrial average was up 227.61 points at 27,137.04. The S&P 500 index was up 21.54 points at 3,000.93, while the Nasdaq composite was up 85.52 points at 8,169.68.

The Canadian dollar traded for an average of US75.87¢ compared with an average of US76.03¢ on Tuesday.

The October crude contract was down US$1.65 at US$55.75 per barrel and the October natural gas contract was down US2.8¢ at US$2.55 per mmBTU.

The December gold contract was up US$4.00 at US$1,503.20 an ounce and the December copper contract was down US1.35¢ at US$2.61 a pound.