TSX closes up 155 points

The Toronto Stock Exchange registered a triple-digit gain Tuesday on higher commodity prices and a solid kickoff to earnings season by U.S. aluminum company Alcoa.

The benchmark S&P/TSX composite index was 155 points higher, at 13,401, on Tuesday afternoon. It was the exchange's first positive session of 2011.

Late Monday, Alcoa Inc. reported net income of $258 million US, or 21 cents a share, for the October-December quarter, which was two cents better than analysts had forecast. The company expects business will continue to improve, forecasting a 12 per cent increase in global aluminum demand this year.

Alcoa shares were down 16 cents to $16.33 US, but the stock had run up about seven per cent in the first week of 2011 trading.

"Aluminum has been one of the laggards in terms of the industrial metals and it was a very encouraging report, which reinforces the positive outlook for materials," said Norman Raschkowan, North American strategist at Mackenzie Financial Corp.

The strong Alcoa report helped send the TSX base-metals sector up almost two per cent as the March copper contract on the New York Mercantile Exchange climbed five cents to $4.32 US a pound. Teck Resources was one of the biggest gainers, up $2.78, or nearly five per cent, to $63.75.

Gold stocks were also stronger as the February bullion contract was $7.50 higher to $1,381.60. Goldcorp Inc. advanced 66 cents to $43.31, while Barrick Gold Corp. improved by 65 cents to $49.36.

In New York, the Dow Jones industrial index was also 32 points higher at 11,671. Oil was $2.13 higher at $91.38 US a barrel.

The Canadian dollar traded up 0.33 of a cent at 101.02 cents US. The loonie has managed to pass parity with its U.S. counterpart and stay there in recent days.