CANADA STOCKS-TSX rallies on conciliatory U.S. budget comments
* TSX up 50.07 points, or 0.42 percent, at 11,861.52
* Index still on track for sharp fall this week
* Recession in Europe, China transition weigh
* Mining and financial stocks lead broad upsurge
By Alastair Sharp
TORONTO, Nov 16 (Reuters) - Canada's benchmark stock index jumped on Friday, led by resource and financial shares, after U.S. politicians made conciliatory statements after holding talks on avoiding the "fiscal cliff" that threatens to drive the economy into recession.
The index had fallen in morning trade, weighed down by signs of global economic weakness, but swung higher after U.S. politicians vowed to find common ground on taxes and spending that could help the world's largest economy avoid what could be debilitating tax hikes and spending cuts.
"It shows you how low our expectations are right now that you can get that kind of a rally just by coming up to a microphone and saying 'hey, we all understand each other'," said Mike Newton, portfolio manager at Macquarie Private Wealth. Continued...