The benchmark index of the Toronto Stock Exchange ended higher Wednesday following two days of losses.

The S&P/TSX composite index was up 30.40 points, or 0.29%, at 10,659.87, with six of its 10 main groups higher.

Toronto stocks followed their U.S. counterparts higher, after the U.S. Federal Reserve reported signs of stability in the U.S. economy.

The TSX energy and financial sectors rose up 1% and 0.4%, respectively.

Oil prices settled higher above $70 a barrel on optimism about the economy, which offset concerns about rising inventories. Crude for September delivery rose 71¢ to US$70.16 a barrel on the New York Mercantile Exchange.

In Toronto, Suncor Energy gained 2.7% to $35.86.

In the financial sector, Sun Life Financial rose 2.2% to $32.27.

Manulife Financial rose 1% to $22.42 after saying it bought AIC Ltd’s Canadian retail investment fund business.

The junior S&P/TSX Venture composite index gained 9.18 points, or 0.78%, to close at 1,186.02.

The Canadian dollar bounced 1.09¢ higher to US91.88¢ after falling more than a cent on Tuesday.

In New York, U.S. stocks surged ahead on as the U.S. Federal Reserve said it saw signs of a more stable economy.

The Fed said the economy was leveling out, and it left interest rates unchanged at the end of its two-day policy meeting.

The Dow Jones industrial average gained 120.16 points, or 1.30%, to 9,361.61. The S&P 500 climbed 11.46 points, or 1.15%, to 1,005.81. The tech-heavy Nasdaq composite index jumped 28.99 points, or 1.47%, to 1,998.72.

IE