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Toronto stock market advances on earnings news, oilpatch acquisition

TORONTO - The Toronto stock market closed higher amid a major oilpatch acquisition.

The S&P/TSX composite index gained 42.26 points to 14,119.73 as investors also saw how the U.S. economy is being hit by severe winter weather.

The Canadian dollar fell 1.08 cents to 90.24 cents US.

New York indexes were lower as U.S. housing starts fell by 10 per cent to an annualized rate of 899,000 in January, down 16 per cent from December. In December, construction had fallen almost five per cent.

The Dow Jones industrials fell 89.84 points to 16,040.56, the Nasdaq was 34.83 points lower at 4,237.95 and the S&P 500 index fell 12.01 points to 1,828.75.

Canadian Natural Resources Ltd. (TSX:CNQ) jumped 3.7 per cent as it said that it will pay just over $3.1 billion in cash to buy conventional oil and gas assets near its core areas in Western Canada in a major land deal with Devon Canada.

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