Canadian stocks rallied Thursday after upbeat economic data, strong bank earnings and rebounding crude oil prices.

Canada’s gross domestic product grew at an annualized 4.5 percent pace, the fastest in five years. GDP was up 0.3% in June from May, rising for the eighth month in a row as 14 of 20 industrial sectors grew. Goods-producing industries rose 0.5% while service producing industries edged up 0.2%.

The TSX Composite Index rose 80.47 points to 15,213.64.

TD Bank (TD.TO) earnings per share rose to $1.46 per share in the quarter to June 30, compared with $1.24 a year ago. Analysts had on average expected earnings of $1.36 per share. The stock jumped 3.3%.

Couche-Tard said 19 convenience stores remained closed in South Texas and 71 in the Houston area as of Wednesday.

October West Texas Intermediate rose $1.27, or 2.8%, to settle at $47.23 a barrel on the New York Mercantile Exchange.

Gasoline futures continued to skyrocket.

September gasoline rose 25.5 cents, or 13.5%, to end at $2.140 a gallon, up about 28% for the month. October gasoline rose 14.2 cents, or 5.7%, to $1.779 a gallon.

Dec. gold gained $8.10, or 0.6%, to settle at $1,322.20/oz, the highest in eleven months. Gold was up 4% for the month of August.

The material has been provided by InstaForex Company –