CANADA STOCKS-TSX boosted by conciliatory U.S. budget comments

Fri Nov 16, 2012 5:22pm EST
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* TSX ends up 66.34 points, or 0.56 percent, at 11,877.72

* Index notched 2.6 pct fall for week, sharpest since May

* Financial and resource stocks lead broad upsurge

By Alastair Sharp

TORONTO, Nov 16 (Reuters) - Canada's benchmark stock index jumped on Friday, led by financial and resource-related shares, as investors cheered conciliatory statements from U.S. politicians after they held talks on avoiding the "fiscal cliff" that threatens to drive the U.S. economy into recession.

The index had fallen in morning trade, weighed down by signs of global economic weakness, but swung higher after U.S. legislators vowed to find common ground to help the world's largest economy avoid what could be debilitating tax hikes and spending cuts.

"We've definitely seen a swing up today on more promising talk from the Democrats," said Youssef Zohny, portfolio manager at Stenner Investment Partners, a unit of Richardson GMP.

"We've seen a fairly sharp selloff in the last week or so and you're definitely starting to see a few bargain hunters come in today. As well, oil's up today so that's helping lift some of the commodity sector," Zohny said.   Continued...