Canadian, U.S. markets rise despite gains in the price of oil amid war uncertainty

Specialist Meric Greenbaum works on the floor of the New York Stock Exchange, Wednesday, April 22, 2026. (AP Photo/Richard Drew)

TORONTO — Canada’s main stock index gained nearly 150 points on Wednesday, while U.S. markets also surged higher along with oil prices.

“I don’t think anyone is hearing anything that would tell us that the ceasefire will be over, and at the same time, no one’s hearing anything that the conflict is over, so we’re kind of in limbo here,” said Allan Small, senior investment adviser at iA Private Wealth.

“I think the markets are reflecting that they’re slightly higher, right across the board, but nothing tremendous.”

On Tuesday, U.S. President Donald Trump extended a ceasefire but also said he was maintaining an American blockade of Iranian ports. The blockade keeps Iran from making money by selling its own crude oil.

The S&P/TSX composite index was up 146.81 points at 33,955.11.

In New York, the Dow Jones industrial average was up 340.65 points at 49,490.03. The S&P 500 index was up 73.89 points at 7,137.90 — a record — while the Nasdaq composite was up 397.60 points at 24,657.57.

The vast majority of companies in the S&P 500 have so far been delivering results for the start of 2026 that have topped analysts’ expectations, even with the war in Iran driving up oil prices and uncertainty for the global economy.

The June crude oil contract was up US$3.29 at US$92.96 per barrel.

On the TSX, gains in the basic materials sector helped to drive the overall index higher. Small said the basic materials sector benefited from gains in precious metal prices.

The June gold contract was up US$33.40 at US$4,753 an ounce.

Shares of Rogers Communications Inc. rose 13.55 per cent after the company released its first-quarter earnings, announcing it is cutting its capital spending by 30 per cent compared with last year.

Rogers reported a first-quarter profit attributable to shareholders of $438 million on Wednesday, up from $280 million a year earlier, as its revenue rose 10 per cent.

Despite gains on the day, Small said he doesn’t think Canadian telecom stocks are a good place for investors to seek growth, but noted the results were positive and Rogers appears to be the best performer in the sector.

“It’s not an area of the market that I think investors should be looking at. Dividend yields are low and the growth, in my opinion, is not where I’d want it to be if I were buying a growth stock,” he said.

Cannabis company stocks rose amid reports that the Trump administration is preparing to reclassify marijuana as a less dangerous drug.

Trump signed an executive order in December meant to speed up the Drug Enforcement Administration’s process for reclassifying the drug, a move that would not make it legal for recreational use by adults nationwide, but could change how the drug is regulated and reduce a hefty tax burden on the cannabis industry.

Shares of Tilray Brands Inc. gained 14.62 per cent, while Canopy Growth Corp. shares were up 21.15 per cent.

“Whether they legalize it, whether they don’t, that’s been the question on the table now for a long time, and for anybody to try and buy to try and time it for that, I think that’s a tough game to play,” Small said.

The Canadian dollar traded for 73.20 cents US compared with 73.24 cents US on Tuesday.

This report by The Canadian Press was first published April 22, 2026.

— With files from The Associated Press.