Commodity Prices Surge, TSX Up 1% -- Canadian Commentary

(RTTNews) - Canadian stocks rallied Tuesday, bolstered by rising commodites and hopes the worst is over for Europe's economy.

The S&P/TSX Composite Index rose 147.46 points, or 1.07%, to 13,867.28.

Energy stocks jumped 3.2%, while mining shares skyrocketed 8.7%, adding to yesterday's big gains.

June gold gained $19.30, or 1.6%, to settle at $1,254.30/oz -- the highest closing price in more than a week.

Silver continued to soar near $17 an ounce, jumping to its highest since last May.

Crude oil futures surged amid concerns that a work stoppages and other problems in the Middle East will interrupt supplies.

A industry-wide strike in Kuwait and pipeline issues in Iraq could help alleviate the global supply glut that drove crude oil prices sharply lower earlier in the year.

May WTI oil settled at $41.08/bbl on Nymex, up $1.30, or 3.3%.

It was the first gain in five sessions, and was driven in part by a weaker dollar.

A meeting in Doha between Russia and Saudi Arabia failed to manifest a plan to freeze output, but prices still soared today.