CANADA STOCKS-Toronto stocks extend gains after Fed statement

Wed Jan 28, 2009 2:28pm EST
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TORONTO Jan 28 (Reuters) - Toronto's main stock index rallied more than 2 percent on Wednesday afternoon, mirroring gains made by U.S. equities after the U.S. Federal Reserve held rates steady and said it is prepared to buy longer-term Treasuries.

Toronto stocks rose earlier in the session, led by the financial services sector, on hopes that Canada's multi-billion stimulus package and further U.S. government action would promote economic stability.

The S&P/TSX composite index .GSPTSE was up 203.50 points, or 2.32 percent, to 8,963.13. (Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson)