TORONTO - Canada's main stock index rallied to its highest level in seven weeks despite a big drop in crude oil prices.

The S&P/TSX composite index closed up 73.80 points at 16,611.14.

In New York, the Dow Jones industrial average was up 227.61 points at 27,137.04. The S&P 500 index was up 21.54 points at 3,000.93, while the Nasdaq composite was up 85.52 points at 8,169.68.

The Canadian dollar traded for an average of 75.87 cents US compared with an average of 76.03 cents US on Tuesday.

The October crude contract was down US$1.65 at US$55.75 per barrel and the October natural gas contract was down 2.8 cents at US$2.55 per mmBTU.

The December gold contract was up US$4.00 at US$1,503.20 an ounce and the December copper contract was down 1.35 cents at US$2.61 a pound.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

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