CANADA STOCKS-TSX jumps as investors cheer oil data; Fed in spotlight

Wed Jul 29, 2015 12:03pm EDT
 
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(Updates throughout with sector details, analyst comments, market reaction)

* TSX up 112.86 points, or 0.8 percent, to 14,190.22

* Eight of the TSX's 10 main groups were up

By Solarina Ho

TORONTO, July 29 (Reuters) - Canada's main stock index rose on Wednesday, after briefly turning negative, as financial and energy stocks helped guide the market higher and markets cheered forecast-beating crude inventory data out of the United States.

The index, which has generally been in decline since highs reached in April, built on Tuesday's gains.

The market could turn after the U.S. Federal Reserve releases its latest monetary policy statement later in the session.

"Possibly in the short term, markets will selloff on that ... But it's great for the long term because it means the U.S. economy is doing better and that's good for everybody and for stocks," said Norman Levine, managing director at Portfolio Management Corporation.

"All that said, we are in the midst of a correction in North America. It's one that's much needed, much anticipated and very welcome."   Continued...