Rally By Energy Stocks Contributes To Rebound On Bay Street

(RTTNews) - Following the drop seen in the previous session, Canadian stocks showed a strong move back to the upside during trading on Tuesday.

The S&P/TSX Composite Index moved higher in morning trading and remained firmly positive throughout the session, closing up 131.18 points or 0.7percent at 20,183.43.

Energy stocks helped lead the way higher on the day, with the S&P/TSX Capped Energy Index spiking by 2.8 percent.

The rally by energy stocks came amid a continued increase by the price of crude oil, as crude for November delivery surged $1.31 to $78.93 a barrel.

Considerable strength was also visible among healthcare stocks, resulting in a 1.6 percent advance by the S&P/TSX Capped Health Care Index.

On the economic front, a report from Statistics Canada showed Canada's merchandise trade balance with the world remained in a surplus position, widening from C$736 million in July to C$1.9 billion in August.