A broad-based rally pushed Canada's main stock index up by almost 500 points Tuesday, while U.S. stock markets were also up.

The S&P/TSX Composite Index closed up 489.80 points, or 2.6 per cent, at 19,370.99.

In New York, the Dow Jones industrial average was up 825.43 points, or 2.8 per cent, at 30,316.32. The S&P 500 index was up 112.5 points, or 3.1 per cent, at 3,790.93, while the Nasdaq composite was up 360.97 points, or 3.3 per cent, at 11,176.41.

The Canadian dollar traded for 73.67 cents US compared with 73.20 cents US on Monday.

The November crude contract was up US$2.89 at US$86.52 per barrel and the November natural gas contract was up 37 cents at US$6.84 per mmBTU.

The December gold contract was up US$28.50 at US$1,730.50 an ounce and the December copper contract was up eight cents at US$3.49 a pound.

- With files from BNN Bloomberg.