Closing Bell TSX advances as investors buy up beatendown resource stocks

TORONTO — The Toronto stock market closed higher Tuesday as traders bought into stocks that sustained steep losses in the previous session when disappointing Chinese growth data sent commodities and resource stocks tumbling.Here are the closing numbersTSX — 12,119.92 +115.04 0.96%S&P 500 — 1,574.57 +22.21 1.43%Dow — 14,756.78 +157.58 1.08%Nasdaq — 3,264.63 +48.14 1.50%The S&P/TSX composite index gained 115.04 points to 12,119.92 after the market registered its biggest one-day tumble since last June and the lowest close since mid-November, plunging 333 points.The TSX was also heavily pressured Monday by gold prices, which fell US$140 an ounce to their lowest level in more than two years amid fears that European governments may sell the precious metal as part of their debt-fighting measures. Prices recovered slightly Tuesday but were well off session highs, closing up $26.30 to US$1,387.40 an ounce.Monday’s plunge left the TSX down 3.45% year to date.The Canadian dollar gained 0.47 of a cent to 97.99 cents US after falling more than a cent on Monday.U.S. indexes were also positive after New York indexes sustained their biggest drops of 2013 as investors looked to signs of further strength in the housing market ahead of the spring buying season.The Commerce Department reported that U.S. builders broke ground in March at the fastest pace in almost five years. Housing starts came in at a seasonally adjusted annual rate of 1.04 million, up by seven% from February.The Dow Jones industrials ran up 157.58 points to 14,756.78 after the blue chip index plunged 266 points Monday, interrupting a rally that has gone on practically non-stop all year.“We had one bad day yesterday,” said JJ Kinahan, chief derivatives strategist for TD Ameritrade in New York.“You can’t say because of that one bad day that all bets are off.”The Nasdaq composite index was ahead 48.14 points to 3,264.63 while the S&P 500 index advanced 22.21 points to 1,574.57.The positive session came amid a worsening outlook for the world economy this year from the International Monetary Fund.The global lending organization has cut its forecast for global growth to 3.3% this year, down from its forecast in January of 3.5%. The IMF predicts that government spending cuts will slow U.S. growth and keep the euro currency alliance in recession.“I think this bearish sentiment is starting to kind of grow,” said John Kinsey, portfolio manager at Caldwell Securities.“Early on in the year, there were some decent numbers out of the U.S. and it looked like their economy maybe was finally going to find a little bit of traction. But the latest numbers that we have been getting haven’t been very encouraging and that is sort of the last thing we need because Europe is a total disaster and you can’t expect that China is going to pull it out all by itself.”The IMF is keeping its prediction of four% global growth in 2014TSX gains were led by the base metals sectors, the worst hit components on Monday.The major exception was the gold sector, which finished about one% lower after falling about nine% on Monday, leaving the sector down around 37% year to date. Kinross Gold (TSX:K) dipped six cents to C$5.48.Barrick Gold (TSX:ABX) continued to fall heavily, moving down $1.06 or 5.22% to $19.24 after plunging 11.5% Monday to its lowest level in at least a decade.Elsewhere on the TSX, the base metals sector was up 3.69% while May copper in New York gained three cents to US$3.31 a pound after falling eight cents on Monday in the wake of data showing that growth in China, the world’s second-largest economy, slowed to 7.7% in the first quarter from 7.9% in the final quarter of last year.China has been a main pillar of support in helping the global economy recover from the recession caused by the 2008 financial collapse. Demand from China has helped lift commodity prices and in turn energy and mining stocks on the resource heavy TSX.First Quantum Minerals (TSX:FM) rose $1.45 to C$17.03 while Teck Resources (TSX:TCK.B) rose 60 cents to $26.75.The energy sector was up 1.25% while oil prices were flat amid concerns over the global economic recovery as the May crude contract on the New York Mercantile Exchange added one cent to US$88.72 a barrel after dropping about $6 in the last three sessions. Suncor Energy (TSX:SU) advanced 91 cents to C$28.41 and Cenovus Energy (TSX:CVE) gained 40 cents to $29.44.The industrials sector also gave the TSX some lift as Canadian Pacific Railway (TSX:CP) improved by $2.41 to $123.84.Financials also improved as Bank of Montreal (TSX:BMO) advanced 84 cents to $63.16.The TSX Venture Exchange gained 1.74 points to 960.Here’s the news investors were watching today:Where did we go wrong? 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