The Toronto Stock Market played catch-up Tuesday following a Canadian holiday Monday that saw a big jump on Wall Street.

The S&P/TSX composite index added 157 points, or 1.3 per cent, to 11,871 at 11:54 a.m. ET. Stronger commodity prices gave the TSX a boost.

American markets gave back some of their strong gains from Monday.

The Dow Jones industrial average is down 17 points, or 0.2 per cent, at 10,657.

The Standard & Poor's 500 index is down three points, or 0.3 per cent, at 1,123, while the Nasdaq composite index is down six points, or 0.25 per cent, at 2,290.

All the major U.S. stock indexes rose about two per cent Monday when the Toronto Stock Exchange was closed for a provincial holiday.

The Dow Jones industrial average rose two per cent Monday on better-than-expected manufacturing results in the U.S. and Europe.

Oil prices pushed higher Tuesday to more than $82 US a barrel, a day after stronger stock markets and a weaker American dollar helped boost crude to a three-month high.

Crude for September delivery was up 86 cents to $82.20 on the New York Mercantile Exchange at 12:13 p.m. ET.

Oil hit three-month high

The contract rose $2.39, or three per cent, to settle at $81.34 on Monday, its highest level since May 4.

A weaker U.S. dollar also helped boost crude since it makes commodities cheaper for investors with other currencies.

The Canadian dollar was up Tuesday 0.48 of a cent to 97.73 cents US at 12:15 p.m. ET.

Investors will be closely watching weekly U.S. crude inventory data due to be released later Tuesday and Wednesday.

Analysts expect a drop of 1.2 million barrels in crude inventories, according to a survey by Platts, the energy information arm of McGraw-Hill Companies.

Some analysts believe the July U.S. employment figures due out Friday will be a better indicator of whether the recovery will strengthen and the demand for oil will increase.

"The more important price driver will be forthcoming at week's end in the form of the monthly employment report," Ritterbusch and Associates said in a report.

Source: CBC News

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