Eagerness by regional banks down south to lend a hand to their struggling brethren led to a general feeling of relief among investors on both sides of the border Thursday.
The TSX soared 160.17 points to wrap up Thursday at 19,539.01.
The Canadian dollar regained 0.24 cents to 72.88 cents U.S.
Cannabis interests proved the champions of the session, with Tilray charging up 32 cents, or 9.9%, to $3.55, while Cronos Group acquired 12 cents, or 4.5%, to $2.78.
In industrials, Bombardier jumped $3.07, or 5.2%, to $62.28, while Exchange Income picked up $2.09, or 4.3%, to $51.12.
In tech issues, HUT 8 Mining grabbed 10 cents, or 4.5%, to $2.34, while Nuvei captured $1.80, or 3.2%, to $57.76.
Golds proved an anchor, with Wesdome Gold faltering 34 cents, or 4.9%, to $6.66, while OceanaGold backed up 11 cents, or 3.6%, to $2.92.
In other metals, Fortuna Silver Mines sank 27 cents, or 5.7%, to $4.44, while K92 Mining doffed 24 cents, or 3.1%, to $7.53.
On the economic calendar, Statistics Canada said wholesale sales rose 2.4% to $84.2 billion in January. Increases in the machinery, equipment and supplies subsector and the food, beverage and tobacco subsector led the growth.
ON BAYSTREET
The TSX Venture Exchange recovered 5.68 points, or 1%, to 602.20.
All but two of the 12 TSX subgroups gained as the closing bell sounded, with health-care higher 3%, industrials prospering 2.2%, and information technology sprang up 1.6%.
The two laggards were gold, down 1.1%, and materials, shedding 0.1%.
ON WALLSTREET
Stocks rose Thursday as Wall Street grew increasingly optimistic after a group of banks said it would aid First Republic Bank amid the industry’s crisis.
The Dow Jones Industrials perked 371.98 points, or 1.2%, to 32,246.55.
The S&P 500 hiked 68.35 points, or 1.8%, to 3,960.28.
The NASDAQ Composite changed direction and climbed 283.23 points, or 2.5%, to 11,717.28, as investors bought technology stocks on
hopes that the crisis could push the Federal Reserve to shift its outlook on monetary policy at its meeting next week.
Also boosting markets was an announcement from Credit Suisse overnight that it will borrow up to nearly $54 billion from the Swiss National Bank to assure short-term liquidity. U.S. shares of the embattled bank fell to a record low Wednesday following reports that the Saudi National Bank, Credit Suisse’s largest investor, said it would not provide additional assistance.
Investors have been closely watching bank stocks after the closures of Silicon Valley Bank and Signature Bank prompted concerns of contagion in the sector in recent days. Despite concerns in the sector weighing on the minds of investors, all three indexes are on pace to end the week higher, led by the Nasdaq Composite with a 5.2% advance.
Investors around the world also followed the announcement of a further rate hike of 50 basis points from the European Central Bank Thursday.
The decision comes as U.S. investors ready for the Federal Reserve policy meeting next week. Big technology shares such as Amazon and Alphabet gained more than 3%.
Prices for the 10-year Treasury sagged, raising yields to 3.58% from Wednesday’s 3.47%. Treasury prices and yields move in opposite directions.
Oil prices reclaimed 60 cents to $68.21 U.S. a barrel.
Gold prices retreated $7.60 to $1,923.70 U.S. an ounce.
