CANADA STOCKS-TSX up for 4th straight day on stimulus optimism

Fri Feb 6, 2009 4:51pm EST
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* TSX rallies, touches highest level since Jan. 9

* Stock gains fueled by hopes for U.S. stimulus plan

* Canadian and U.S. economies bleed jobs in January

(Adds details, quote, updates figures)

TORONTO, Feb 6 (Reuters) - Toronto's main stock index closed higher for a fourth straight session on Friday in a broad rally as dismal U.S. jobs data fueled hopes for a U.S. stimulus package to help combat the recession.

The index finished the week up 3.6 percent, rising for a second consecutive week and recording the strongest weekly increase since mid-December.

The three pillars of the index kept the market higher with materials sector up 2.2 percent and financials up 1.8 percent. The energy sector rose 1.6 percent.

Key stocks on the upside included fertilizer company Potash Corp of Saskatchewan (POT.TO: Quote), up 4.4 percent at C$110.80, Manulife Financial (MFC.TO: Quote), which rose 4.02 percent to C$21.23, and Suncor Energy (SU.TO: Quote), which was higher by 3.4 percent at C$25.49.

Much of the optimism focused on Washington's stimulus package and a plan, expected to be announced on Monday, to rescue the ailing banking sector. [ID:nN05403943]   Continued...