Materials sector helps lift Toronto stock market, loonie edges lower

TORONTO -- Gains in the materials sector helped boost Canada's main stock index higher in late-morning trading, while U.S. stock markets also gained ground. The S&P/TSX composite index was up 17.78 points at 16,512.01. In New York, the Dow Jones industrial average was up 71.16 points at 27,294.13. The S&P 500 index was up 4.33 points at 2,999.44, while the Nasdaq composite was up 22.77 points at 8,230.01 The Canadian dollar traded for 76.47 cents US compared with an average of 76.52 cent