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The Toronto stock market racked up a solid triple-digit gain as investors grow more confident that European leaders are finally getting a grip on the government debt crisis and undercapitalized banks.

The S&P /TSX composite index jumped 154.4 points to 12,029.96.

The president of the European Commission said Wednesday that banks should temporarily increase their capital buffers to better withstand the crisis. Jose-Manuel Barroso said if banks can’t raise the capital on the market, they should get help from governments, who in turn can tap the eurozone bailout fund.

The Canadian dollar closed up 1.01 cents to 98.3 cents US.

The Dow industrials were ahead 102.55 points to 11,518.85, the Nasdaq was up 21.7 points to 2,604.73 and the S&P 500 index rose 11.71 points to 1,207.25.

Oil slipped 24 cents to US$85.57 a barrel.

Regards,

Don