TSX rallies on U.S. economic hopes

TORONTO (Reuters) – Canadian stocks closed 1 percent higher on Thursday as material and financial shares were boosted by U.S. housing data that allowed investors to focus on the prospect of U.S. economic recovery instead of Europe’s persisting debt crisis. Resource issues rebounded from Wednesday’s sharp selloff, supported by figures showing pending sales of existing U.S. homes surged to a 1-1/2-year high in November, another signal that the world’s largest economy is emerging from its doldrums. “The good news is that the (U.S. …