TORONTO, Nov 2 (Reuters) – Toronto’s main stock index rallied on Wednesday after two days of sharp declines, finishing up 1 percent as U.S. economic data and stronger commodity prices helped offset fears about the looming Greek referendum on the euro zone’s bailout package.

Copper, oil, gold and base metals prices responded positively to a U.S. Federal Reserve statement that offered a moderately brighter economic outlook and appeared to leave open the door for further easing.

The market’s positive performance was held in check, however, by lingering fears that a Greek confidence vote would result in the rejection of a 130 billion euro bailout package, which would have significant repercussions for the global economy.

“The risk of a disorderly Greek default has the capacity of putting major economies back in recession,” said Fergal Smith, managing market strategist at Action Economics.

“U.S. data has been coming in better over the last while; there’s a bullish thread supporting the market on the back of that,” he added.

A report showing U.S. private-sector payrolls rose in October, helped support analysts’ views that the world’s No. 1 economy is maintaining its slow growth and is not sliding back into recession.

“I think the market is starting to form a viewpoint that maybe by things getting worse, perhaps that’s the price we need to pay for things getting better in the intermediate term,” said Paul Taylor, chief investment officer at BMO Harris Private Banking.

TORONTO, Nov 2 (Reuters) – Toronto’s main stock index rose on Wednesday, following two days of sharp losses on Greek debt concerns, as upbeat U.S. jobs data and firmer commodity prices pushed energy and mining stocks higher.

Oil, copper and other commodities all rose following their vicious sell-off on yesterday’s surprise announcement of a Greek referendum vote on a euro zone rescue package.

“The risk of a disorderly Greek default has the capacity of putting major economies back in recession,” said Fergal Smith, managing market strategist at Action Economics. “U.S. data has been coming in better over the last while; there’s a bullish thread supporting the market on the back of that.”

A report showing U.S. private-sector payrolls rose in October, helped support analysts’ views that the world’s No. 1 economy is maintaining its slow growth and is not sliding back into a recession.

At 1:10 p.m. (1710 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 92.3 points, or 0.8 percent at 12,208.31, giving back some gains after hitting a session high of 12,325.77 early in the day.

The upswing came on the heels of a two-day decline.

Energy stocks and the heavily weighted materials sector played the biggest roles in lifting the market, with the base metal miner subsector up nearly 2.5 percent.

TORONTO, Nov 2 (Reuters) – Toronto’s main stock index jumped more than 1 percent on Wednesday, following two days of sharp losses on Greek debt concerns, as energy and mining stocks followed commodity prices higher.

Oil, copper and other commodities all rose, helped by upbeat U.S. jobs data, following their vicious sell-off on yesterday’s surprise announcement of a Greek referendum vote on a euro zone rescue package.

Still, investors’ concern about the solvency of Greece and the euro zone’s financial stability were expected to continue to set direction for the resource-heavy Canadian market.

“What’s driving the market today is the macroeconomic European stuff and the sentiment swing surrounding that,” said Rick Hutcheon, president and chief operating officer at RKH Investments.

The Toronto Stock Exchange’s S&P/TSX composite index rose 190.77 points, or 1.6 percent, to 12,299.97 late on Wednesday morning, following a two-day decline to start the week.

The heavily weighted materials sector, up 2.5 percent, played the biggest role in lifting the market, with the base metal miner subsector up 3.4 percent and gold producers up 2.4 percent.

Materials were led higher by Barrick Gold, which climbed for the second straight day, rising 2.9 percent to C$51.72. Potash Corp was also up 2.6 percent to C$47.68.

TORONTO, Oct 31 (Reuters) – Canadian stocks got spooked on Monday, falling more than 2 percent, with sliding commodities, Japanese market intervention, the failure of a major brokerage and Europe’s lingering crisis all making investors jittery.

A surprise move by Japan to weaken its currency by buying U.S. dollars, caught the market off guard and had a negative trickle-down effect on equities, commodities and other risky assets.

“We did not expect to wake up to see the Japanese buying currency,” said Brendan Caldwell, chief executive of Caldwell Investment Management Ltd. “At the moment of actual crisis, there is no substitute for the U.S. dollar, nor will there likely be for the foreseeable future.”

Adding to the market’s worries, U.S. futures broker MF Global filed for bankruptcy on Monday.

Renewed doubts about the euro zone’s debt crisis plan also helped put an abrupt end to October’s stock market rally.

The Toronto Stock Exchange’s S&P/TSX composite index , dropped 267.45 points, or 2.1 percent, at 12,252.06. It was the TSX’s worst daily decline in nearly a month.

Still, the index finished October up 5.4 percent, its biggest one-month gain since May, 2009.

TORONTO, Oct 31 (Reuters) – Canadian stocks weakened on Monday, at one point falling more than 1 percent, as natural resource companies followed commodity prices lower after Japan’s intervention in currency markets.

Commodity prices were hit by a stronger U.S. dollar, which jumped after the Japan intervened to weaken the yen. while returning doubts over the EU’s plan to solve the debt crisis added to the cautious tone.

Seven of the Canadian market’s 10 main sectors were lower, led by a 1.4 percent drop in materials, which includes base metal and gold miners.

“They all seem to move in a pack and today the pack is going south,” said David Baskin, portfolio manager and president of Baskin Financial Services.

The Toronto Stock Exchange’s S&P/TSX composite index , which briefly fell more than 1 percent, was down 84.18 points, or 0.67 percent, at 12,435.33 by late morning.

The Potash Corp was the biggest laggard, falling 2.8 percent to C$48.35. First Quantum Minerals , down 5 percent to C$21.14, was another big drag.

Base metals such as copper slipped as the dollar rose and enthusiasm for Europe’s debt deal gave way to the view that the region’s economic problems are far from over.

TORONTO, Oct 26 (Reuters) – Canadian stocks staged a late rally to close higher on Wednesday, shrugging off early losses, helped by encouraging third-quarter earnings and news from Europe about plans to tackle the region’s debt crisis.

Markets responded positively to a report the euro zone will dip deeply into a $440 billion euro bailout fund, the details of which won’t be revealed until November, according to a draft statement obtained by Reuters.

Still, analysts said the uncertainly about the outcome of the European summit was a weight on the market.

“On the one side you have the European headwinds that are negative and making the market very jittery,” said Luciano Orengo, a portfolio manager at Manulife Asset Management. “On the other side you’ve been having third-quarter earnings that are coming in better than expected.”

The Toronto Stock Exchange’s S&P/TSX composite index closed up 76.31 points, or 0.63 percent, to 12,186.06. That corrected a brief negative spell earlier in the day when the index weakened to 12,052.53.

Canadian National Railway Co among the most influential gainers, rising 1.9 percent to C$76.56, after reporting a 19 percent jump in quarterly profit late on Tuesday.

Energy and materials stocks, including miners, played the biggest role in leading the market higher.