TORONTO -- The Toronto stock market posted a solid advance as the heavily weighted financial sector got a boost from a first round of Canadian bank earnings that easily beat analyst expectations.

The S&P/TSX composite index closed up 59.66 points at 15,110.47 after a triple-digit pullback Tuesday as both the Bank of Montreal (TSX:BMO) and National Bank (TSX:NA) surprised on the upside and both boosted their quarterly dividend.

Wall Street also bounced back smartly, with the Dow Jones industrial average up 121.45 points at 18,162.99, erasing much of its 190-point decline the previous session.

The Nasdaq, meanwhile, shot up a remarkable 73.84 points to a record close of 5,106.59, while the S&P 500 advanced 19.28 points to 2,123.48.

The energy sector was the biggest drag on the TSX, down 0.73 per cent as July oil retreated further from the $60-a-barrel mark, down 52 cents at US$57.51. June gold slid $1.30 to US$1,185.60 an ounce.

Meanwhile, the loonie lost 0.21 of a U.S. cent to 80.26 cents as the Bank of Canada announced its key interest would remain at 0.75 per cent and looked to remain their for some time. That was its lowest close since finishing at 80.06 cents on April 14.