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China optimism helps send TSX higher, Allergan rejects hostile Valeant bid

TORONTO – Rising miners helped give the Toronto stock market a solid gain as copper prices jumped in response to moves to open up Chinese markets.

The S&P/TSX composite index ran ahead 120.88 points to 14,654.94.

Base metal miners advanced as copper prices rose two per cent after China’s cabinet promised to allow local governments to issue bonds and streamline the approval process for initial public stock offerings, a move that was seen as widening market access.

At the same time, analysts say markets have become more comfortable with more realistic growth expectations from the world’s second-biggest economy.

The Canadian dollar edged 0.01 of a cent lower to 91.77 cents US.

U.S. indexes were higher as the Dow industrials and the S&P 500 index both racked up fresh record closes, with the Dow jumping 112.13 points to 16,695.47 and the S&P ahead 18.17 points to 1,896.65. The Nasdaq gained 71.99 points to 4,143.86.