Equity traders registered their relief that central banks on both sides of the border seemed to refrain from raising interest rates for the foreseeable future, catapulting markets leaps and bounds.
The TSX Composite jumped 547.34 points, or 2.9%, to greet Thursday’s closing bell at 19,626.34.
The Canadian dollar galloped 0.5 cents at 72.78 cents U.S.
The information technology index led sectoral gains, on upbeat earnings from Shopify and Lightspeed Commerce.
Shopify led the index, adding $14.36, or 21.2%, to $82.02 after returning to profit in the third quarter and posting quarterly revenue above market expectations.
Lightspeed Commerce advanced $2.48, or 14.3%, to $19.78, after the firm raised its annual revenue forecast.
In utilities, Innergex Renewable gathered 82 cents, or 9.2%, to $9.75, while Capital Power shouted $2.79 higher, or 7.8%, to $38.67.
Communications also had a field day, with Quebecor hiking $1.28, or 4.5%, to $30.06, while Rogers grabbed $2.27, or 4.3%, to $54.70.
Gold sank, with Equinox Gold dropping nine cents, or 1.4%, to $6.20, while Eldorado Gold sagged 21 cents, or 1.4%, to $14.99.
Bombardier also reported third-quarter results that beat analysts’ estimates, helped by robust demand for pricier business jets and strength in its aftermarket business. The jet maker moved higher $4.52, or 10%, to $49.63.
Meanwhile, First Quantum Minerals shares snapped a three-day losing streak to climb 89 cents, or 6% higher, to $15.67, amid uncertainty over the future of its key Panama copper mine.
ON BAYSTREET
The TSX Venture Exchange gained 4.12 points to 519.94.
All but one of the 12 TSX subgroups were positive by the close, with information technology up 6%, utilities were better by 4.3%, and communications climbed 3.7%.
Only gold lost ground, off 0.1%.
ON WALLSTREET
Stocks gained Thursday as Treasury yields fell, with investors betting the Federal Reserve could be done raising rates for 2023.
The Dow Jones Industrials vaulted 564.50 points, or 1.7%, to 33,839.08.
The S&P 500 index progressed 79.92 points, or 1.9%, to 4,317.78. The S&P 500 and Dow are on track for their biggest weekly gain of the year, putting the broad market index on pace for its best day since May.
The NASDAQ surged 232.72 points, or 1.8%, to 13,294.19.
The rally was broad-based, with all 11 S&P 500 sectors trading in positive territory. Gains were led by real estate, consumer discretionary and materials, each up by more than 1%.
Thursday’s gains put the S&P 500 and Dow on track for their biggest weekly gain of the year.
Tesla and Nvidia led a gain in tech shares Thursday as investors cheered the drop on rates. Apple added almost 2% ahead of its earnings report after the bell.
Prices for the 10-year Treasury jumped, lowering yields to 4.67% from Wednesday’s 4.76%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.97 to $82.41 U.S. a barrel.
Gold prices recouped $4.40 to $1,991.90.