January 22, 2008 / 4:19 PM / 9 years ago

Toronto stocks jump 3.3 pct on rate cut joy

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TORONTO, Jan 22 (Reuters) - The Toronto Stock Exchange's main index raced more than 400 points higher by late morning on Tuesday following a global selloff in the previous session, as investors cheered interest rate cuts on both sides of the border.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 404.25 points, or 3.3 percent, at 12,536.38 after dropping as low as 12,011.68 near the start of trading. ($1=$1.02 Canadian) (Reporting by Scott Anderson; Editing by Bernadette Baum)

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