Canada’s main stock index moved higher on gains by the key energy sector even though the price of crude oil dropped to its lowest level since 2002.

The S&P/TSX composite index was up 350.76 points or 2.8% at 13,038.50.

In New York, the Dow Jones industrial average was up 690.70 points at 22,327.48. The S&P 500 index was up 85.18 points at 2,626,65, while the Nasdaq composite was up 271.77 points at 7,774.15.

The Canadian dollar traded for US70.64¢ compared with an average of US71.14¢ on Friday.

The May crude contract was down US$1.40 at US$20.09 per barrel and the May natural gas contract was up 1.9 cents at US$1.69 mmBTU.

The June gold contract was down US$10.90 at US$1,643.20 an ounce and the May copper contract was down 1.65 cents at US$2.15 a pound.