Gains in the energy sector, where the price of oil rose to $80 per barrel, helped the main Canadian stock index rise by more than 200 points in late morning trading, while U.S. stock markets were also trading higher. The S&P/TSX Composite Index rose 224.69 points to 18,532.60.

In New York, the Dow Jones Industrial Average rose by 350.26 points to 29,485.25. The S&P 500 also rose by 41.26 points to 3,688.55, while the Nasdaq Composite rose by 105.67 points to 10,935.17. The S&P/TSX Composite recorded a new low for the year, as U.S. markets were mixed in volatile trading.

Also, the Canadian dollar was traded at 73.04 U.S. cents to 72.85 U.S. cents on Tuesday. The November crude oil contract rose from $2.37 to $80.87 per barrel, and the November natural gas contract fell six cents to settle at $6.70 per million British thermal units.

In the same context, the December gold contract rose from $26.70 to $1,662.90 per ounce, and the December copper contract rose by five cents to settle at $3.33 per pound.