CANADA STOCKS-TSX rallies after Fed rate cut

Tue Dec 16, 2008 4:04pm EST
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TORONTO Dec 16 (Reuters) - Toronto's main stock index surged about 3 percent in a broad rally on Tuesday after the U.S. Federal Reserve cut its target for overnight interest rates to a record low range of zero to 0.25 percent and said it would do everything it can to chase away the economic gloom.

The S&P/TSX composite index .GSPTSE rose 252.08 points, or 2.98 percent, to unofficially close at 8,713.91. (Reporting by Wojtek Dabrowski; editing by Rob Wilson)