Canada’s main stock index soared to a near eight-week high as the energy sector surged despite producers posting big losses as they cut oil production.

The S&P/TSX composite index closed up 429.82 points at 15,228.11.

In New York, the Dow Jones industrial average was up 532.31 points at 24,633.86. The S&P 500 index was up 76.12 points at 2,939.51, while the Nasdaq composite was up 306.98 points at 8,914.71.

The Canadian dollar traded for US71.83¢ compared with an average of US71.54¢ on Tuesday.

The June crude contract was up US$2.72 at US$15.06 per barrel and the June natural gas contract was down 7.9 cents at nearly US$1.87 per mmBTU.

The June gold contract was down US$8.80 at US$1,713.40 an ounce and the July copper contract was up 2.5 cents at US$2.37 a pound.