An agreement by OPEC to cut oil production helped push oil prices, along with the loonie and the S&P/TSX Composite Index, higher on Wednesday. Citing unnamed sources, Reuters said the members of OPEC will agree to the output reduction at its next formal meeting in November. The Canadian dollar, which is closely tied to the movements in the price of oil, rose by 0.54 of a cent to 76.28 cents US. On Bay Street, the S&P/TSX Composite Index shot up by 173.39 points to end at 14,731.43. The broader S&P 500 rose by 11.44 points to 2,171.37, while the Nasdaq composite index ended the trading day at 5,318.55, up 12.84 points.

Source: CBC News September 28, 2016 18:56 UTC