Money world

Stock markets surged as Bank of Montreal’s earnings beat expectations, while hopes rose for an economic rebound by the end of the year following a much stronger-than-expected reading on U.S. consumer confidence.

Toronto’s S&P/TSX composite index moved 216.4 points higher to 10,285.9.

Bank of Montreal shares were ahead $2.15 to $43.71 after the company said that amounts to cover credit losses helped cut profits by 44 per cent to $358 million during the second quarter. That was despite higher net earnings in its personal banking and capital markets divisions.

CIBC, Scotiabank and TD Bank report tomorrow, while Royal Bank issues earnings on Friday.

Those banks were up at least 5 per cent.

The TSX Venture Exchange was 0.73 of a point higher at 1,097.16.

The dollar rose 0.45 of a U.S. cent to 89.46 cents (U.S.).

Earlier in the day it touched its loftiest level in more than seven months, spurred by a rise in oil prices and by upbeat U.S. economic data that whetted appetite for risk.

New York’s Dow Jones industrial average jumped 196.17 points to 8,473.49 after the U.S. Conference Board said consumer confidence in May soared to the highest level since last September amid tentative signs that the economy is improving.

The Nasdaq composite index climbed 58.42 points to 1,750.43, while the S&P 500 index was ahead 23 fast cash personal loan.33 points to 910.33.

The TSX energy sector rose 2 per cent as the July crude contract on the New York Mercantile Exchange gained 78 cents (U.S.) to $62.45 a barrel.

Petro-Canada gained $1.48 (Canadian) to $45.65, while EnCana Corp. improved 88 cents to $59.37.

Shares in Ivanhoe Energy were 20 cents higher to $1.77 after the company won the rights to explore an Amazon oil block.

Vancouver-based Ivanhoe will spend $4 billion (U.S.) to develop an area that could contain 4.5 billion barrels of extra-heavy crude, Ecuador’s state oil company said.

The June bullion contract in New York moved down $5.60 to $953.30 an ounce, taking the gold sector down 0.44 per cent.

Barrick Gold Corp. faded $1.60 (Canadian) to $41.19.

The base metals sector shook off early losses to move 1 per cent higher as Ernst & Young predicted a "severe supply constraint" developing in many metals and minerals, causing prices to jump to new highs.

Manulife Financial Corp. shares rose $1.02 to $23.12 after it said Monday that it will raise $350 million in an issue of 14 million Series 1 preferred shares.

The Canadian Press

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