A surge in crude oil prices above US$110 per barrel and support for the financials sector after an interest rate hike by Bank of Canada helped the country's main stock index to wipe out losses so far in 2022.
"It's a great day. It's long overdue," said Allan Small, senior investment adviser at IA Private Wealth.
The S&P/TSX composite index rose progressively all day to close up 251.13 points at 21,255.64 to be up slightly year-to-date.
In New York, the Dow Jones industrial average was up 596.40 points at 33,891.35. The S&P 500 index was up 80.28 points at 4,386.54, while the Nasdaq composite was up 219.56 points at 13,752.02.
Markets got some more clarity Wednesday with the Bank of Canada increasing rates by 25 basis points. Federal Reserve chairman Jerome Powell signalled in testimony to Congress a similar move later this month even though the attack on Ukraine may have "muddied conditions."
Small said some Fed officials had recently been calling for an increase of 50 basis points, but Powell's comments put that to rest.
The TSX enjoyed a broad-based rally with only technology slipping as shares of Shopify Inc. lost 2.9 per cent.
Half of the 10 sectors that were positive on the day increased by more than one percentage point. Industrials increased 2.8 per cent with Canadian Pacific Railway Ltd. gaining 4.4 per cent and Air Canada up 4.2 per cent as travel and other COVID-19 restrictions fade.
The heavyweight financial sector that includes banks and insurance companies gained 1.5 per cent as the Bank of Canada's rate hike increase improves bank profitability from higher net interest margins. Bond yields also moved up after dropping following the start of the war last week.
Shares of Laurentian Bank climbed 4.6 per cent following a strong quarterly earnings report, while TD and Bank of Nova Scotia were 2.6 and 2.5 per cent higher, respectively.
"Banks are up because overall the economy is doing well. A bit of a relief rally. We've seen banks sell off the last few days under the weight of Ukraine and Russia."
A rise in the energy sector was powered by crude oil prices increasing seven per cent as sanctions and boycotts against Russia are making it more difficult for the large producer of oil and natural gas to sell and deliver its products.
The April crude oil contract was up US$7.19 at US$110.60 per barrel after reaching a high of US$112.51 per barrel. The April natural gas contract was up 18.9 cents at US$4.76 per mmBTU.
Meg Energy Corp. shares were up 2.8 per cent.
While crude prices could still climb to US$120 per barrel, Small doesn't think they will remain high for long because the elevated prices are based solely on the fear of the war going on in Ukraine.
"If you get some sort of ceasefire in Ukraine, I would look to see oil plummet very quickly."
The Canadian dollar traded at a five-week high of 78.94 cents US compared with 78.69 cents US on Tuesday.
Materials was slightly higher even though gold prices receded.
The April gold contract was down US$21.50 at US$1,922.30 an ounce and the May copper contract was up 6.9 cents at US$4.67 a pound.
The TSX underperformed U.S. stock markets Wednesday after commodities helped lift it in recent sessions.
"It just didn't fall as much, so the rebound is not as sharp," Small said.
Investors' main fear is if central banks raise interest rates too fast rather than at a measured pace, he said, adding that rising rates won't deter investors holding cash who have been waiting for an opportunity to buy.
"You still probably have a runway of many months before interest rates get high enough that individual investors consider not buying on the dips where TINA does not apply: There is no alternative."
This report by The Canadian Press was first published March 2, 2022.
Cynthia Cardinal said she was 'overwhelmed' with happiness when she received a text message on Monday with the news that serial killer Robert Pickton, who murdered her sister, was attacked in prison. She called it 'karma.'
U.S. Capitol Police were investigating a suspicious substance Wednesday on a street near the Capitol and where the Republican National Committee headquarters are located, the police said in a statement.
As an excellent source of heart-healthy omega-3 fatty acids, daily fish oil supplements are a popular way to keep the risk of cardiovascular disease at bay.
A Montreal photographer captured the moment a Canada goose defended itself from a fox at the Botanical Garden.
Canadians can expect a mixed bag of weather, with forecasts warning of thunderstorms, heavy rain and snow in some areas across western Canada.
Donald Trump had spent weeks needling U.S. President Joe Biden for his refusal to commit to a debate. But Washington political columnist Eric Ham describes how in one fell swoop, Biden ingeniously stole the issue from the Trump campaign and made it his own.
Passengers on a Singapore Airlines flight hit by severe turbulence on Tuesday described a sudden, dramatic drop as 'all hell broke loose' on board the Boeing airliner carrying 229 passengers and crew.
Three people are dead after they were stabbed in Montreal's Plateau-Mont-Royal borough Tuesday evening, police say.
Last month’s cyberattack on pharmacy and retail chain London Drugs that forced the closure of all its stores in Western Canada was orchestrated by a 'sophisticated group of global cybercriminals' who are demanding a ransom—and say they’ll leak the company’s data if it doesn’t pay up.
Almost two-thirds of Canadians feel that inflation at the grocery store is getting worse, a new poll suggests, even as food inflation has been steadily cooling.
An Indigenous leader in British Columbia says little has changed since the crimes of serial killer Robert Pickton, as community members reflect on news that he is in life-threatening condition after being attacked in prison.
Crown prosecutors are set to wrap up their evidence today in the trial of a Winnipeg man who has admitted to killing four Indigenous women.
A group of concerned faculty, staff, students and alumni at the University of Calgary have written to the school's administration over its response to a protest held earlier this month.
Canadians can expect a mixed bag of weather, with forecasts warning of thunderstorms, heavy rain and snow in some areas across western Canada.
An Ontario mother lost $2,500 to a scammer pretending to be her daughter asking for help in late April.
Passengers on a Singapore Airlines flight hit by severe turbulence on Tuesday described a sudden, dramatic drop as 'all hell broke loose' on board the Boeing airliner carrying 229 passengers and crew.
U.S. Capitol Police were investigating a suspicious substance Wednesday on a street near the Capitol and where the Republican National Committee headquarters are located, the police said in a statement.
Aviation investigators arrived in Bangkok on Wednesday to learn how and why severe turbulence sent a Singapore Airlines plane into a sudden dive that tossed passengers and crew around the cabin, leaving a British man dead and dozens others injured.
Russian forces have started the first stage of exercises that involve 'practical training in the preparation and use of non-strategic nuclear weapons,' the Defence Ministry said on Tuesday.
France said on Wednesday conditions were not right to officially recognize a Palestinian state and that such a decision must be more than just symbolic or political posturing.
The Liberal government will bring its proposal to increase the inclusion rate on capital gains to the House of Commons before the parliamentary summer break, Finance Minister Chrystia Freeland said Tuesday.
A former military leader accused of sexual misconduct in 2021 is suing the federal government, the Armed Forces and his accuser.
As Prime Minister Justin Trudeau continues the 'Team Canada' charm offensive to U.S. lawmakers and business leaders, Canada's ambassador to the United States downplayed the effect of another Trump presidency on Canada.
As an excellent source of heart-healthy omega-3 fatty acids, daily fish oil supplements are a popular way to keep the risk of cardiovascular disease at bay.
A northern Ontario public health authority is again advising individuals to protect themselves from the West Nile virus.
Nestle will market a new, US$5 line of frozen pizzas and protein-enriched pastas in the United States which it says it designed specifically for people taking drugs such as Wegovy or Ozempic for weight loss.
Human testicles contain microplastics and nanoplastics at levels three times higher than animal testes and human placentas, a new small study found.
OpenAI on Monday said it plans to halt the use of one of its ChatGPT voices that 'Her' actor Scarlett Johansson says sounds 'eerily similar' to her own.
Microsoft wants laptop users to get so comfortable with its artificial intelligence chatbot that it will remember everything you're doing on your computer and help figure out what you want to do next.
Sean 'Diddy' Combs has been accused of sexual assault in a new lawsuit filed on Tuesday by Crystal McKinney, a former model and winner of MTV's 1998 Model Mission competition show.
Misa Hylton, the mother of Sean 'Diddy' Combs' son Justin Combs, says her 'heart goes out' to Cassie Ventura in wake of the release of surveillance video footage showing Combs physically assaulting Ventura in 2016.
An investigation has been opened into the death of Matthew Perry and how the “Friends” actor received the anesthetic ketamine, which was ruled a contributing factor in his death.
Almost two-thirds of Canadians feel that inflation at the grocery store is getting worse, a new poll suggests, even as food inflation has been steadily cooling.
Last month’s cyberattack on pharmacy and retail chain London Drugs that forced the closure of all its stores in Western Canada was orchestrated by a 'sophisticated group of global cybercriminals' who are demanding a ransom—and say they’ll leak the company’s data if it doesn’t pay up.
Former Manitoba premier Heather Stefanson has been appointed to WestJet's board of directors.
Ticks are parasitic bloodsuckers, capable of spreading deadly disease, and they’re becoming increasingly common. Here’s what you need to know about them.
A Barrie couple who lost their home in 2021 to a tornado that devastated a south-end neighbourhood spent an unforgettable day as guests at Buckingham Palace.
It's one of climbing's greatest mysteries: was Everest really conquered for the first time in 1953, or did two mountaineers make it to the summit in 1924, before dying in mysterious circumstances?
Barbie dolls will honour Canadian soccer star Christine Sinclair and tennis champion Venus Williams, plus seven other athletes as part of a project announced by Mattel on Wednesday.
Caitlin Clark signed a multiyear deal with Wilson Sporting Goods for a signature basketball line, the company announced Tuesday.
The Toronto Blue Jays have offered tickets and a signed baseball to a fan who says she was struck in the face by a 110 m.p.h. (177 km/h) foul ball at Friday’s game.
California could eventually join the European Union in requiring all new cars to alert drivers when they break the speed limit.
Almost everyone is guilty of distracted driving at one point and time, but according to a report from Transport Canada using their most recent data from 2021, 25 per cent of fatal crashes involve speeding, while another 20 per cent involve distracted driving.
Industry Minister François-Philippe Champagne says federal opposition parties should be 'celebrating' the recently announced electric vehicle deals, despite their criticisms the Liberals refuse to make public the terms and conditions laid out in the contracts.
A Montreal photographer captured the moment a Canada goose defended itself from a fox at the Botanical Garden.
Public libraries in Atlantic Canada are now lending a broader range of items.
Flashes of purple darting across the sky mixed with the serenading sound of songs will be noticed more with spring in full force in Manitoba.
Catching 'em all with impressive speed, a 7-year-old boy from Windsor, Ont. who only started his competitive Pokémon journey seven months ago has already levelled up to compete at a world championship level.
A sanctuary dedicated to animals with disabilities is celebrating the third birthday of one of its most popular residents.
2b Theatre recently moved into the old Video Difference building, seeking to transform it into an artistic hub, meeting space, and temporary housing unit for visiting performers in Halifax.
A B.C. woman says her service dog pulled her from a lake moments before she had a seizure, saving her life.
A Starbucks fan — whose name is Winter — is visiting Canada on a purposeful journey that began with a random idea at one of the coffee chain's stores in Texas.
Members of Piapot First Nation, students from the University of Winnipeg and various other professionals are learning new techniques that will hopefully be used for ground searches of potential unmarked grave sites in the future.
An Indigenous leader in British Columbia says little has changed since the crimes of serial killer Robert Pickton, as community members reflect on news that he is in life-threatening condition after being attacked in prison.
The Vancouver Whitecaps are still alive in their quest for three consecutive Canadian Championships.
Last month’s cyberattack on pharmacy and retail chain London Drugs that forced the closure of all its stores in Western Canada was orchestrated by a 'sophisticated group of global cybercriminals' who are demanding a ransom—and say they’ll leak the company’s data if it doesn’t pay up.
An Ontario mother lost $2,500 to a scammer pretending to be her daughter asking for help in late April.
New inflation data is 'welcome news' for consumers and an economist says it could signal the possibility for a interest rate cut as several core measures also continue to ease.
A man has been rushed to hospital in life-threatening condition after a shooting in Toronto’s downtown core.
A group of concerned faculty, staff, students and alumni at the University of Calgary have written to the school's administration over its response to a protest held earlier this month.
Calgary city council will learn what impact its new housing strategy has had since being passed in September during an update on Wednesday.
Two men accused of killing a Calgary woman and dumping her body outside the city are expected in court on Wednesday.
OC Transpo will be holding a news conference this afternoon to update the city on progress made in the St. Laurent tunnel, five days after the station was closed to LRT riders because of issues with the concrete ceiling. The O-Train station at St. Laurent Station reopened for customers Wednesday morning.
Point2 released a new report looking at work-life balance in Canada's 100 largest cities, analyzing 30 key metrics covering work intensity, health and wellbeing and livability covering work hours, available healthcare professions, commute times and things to do after hours.
Four new positions will be created this year for Ottawa Bylaw Services and Solid Waste Services to monitor illegal dumping through the transition period to the new three-item garbage limit in Ottawa this fall.
Three people are dead after they were stabbed in Montreal's Plateau-Mont-Royal borough Tuesday evening, police say.
Summer heat has been building across southwestern Quebec since last week, and Montreal is expecting its hottest day of the year so far on Wednesday.
The PQ says it is alarmed by the number of health and safety complaints filed against private daycares.
The City of Edmonton says a new property tax subclass is helping in the cleanup of problem residential properties.
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Cynthia Cardinal said she was 'overwhelmed' with happiness when she received a text message on Monday with the news that serial killer Robert Pickton, who murdered her sister, was attacked in prison. She called it 'karma.'
An accident or vehicle breakdown on any of the major routes in Halifax can often cause traffic chaos.
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A private island on Nova Scotia’s South Shore has been listed for sale with a $11.5-million price tag.
People who were out on Lake Winnipeg over the long weekend may have noticed it was different than usual. Water levels are noticeably lower as drought conditions continue for a second straight year.
Crown prosecutors are set to wrap up their evidence today in the trial of a Winnipeg man who has admitted to killing four Indigenous women.
A Winnipeg community centre has been left to deal with the aftermath of a break in, which resulted in a number of items being stolen, including a pitching machine.
Regina police are asking people to stay away from the 1200 block of Garnet Street Tuesday afternoon while an operation is underway.
Tuesday marked the final practice for the Moose Jaw Warriors before they head to Saginaw, Mich. for the 2024 Memorial Cup.
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A longtime member of the Toronto Paramedic Services is facing charges in relation to his conduct at a Kitchener, Ont. strip club.
A motorcyclist needed to be airlifted from a busy Cambridge intersection following a serious crash Tuesday evening.
A 14-year-old is facing charges after fireworks were shot at people in a Kitchener park on Victoria Day.
Emmett Constant says that his brother Everett isn’t a cold-blooded killer — he’s suffering from a mental illness.
The long weekend proved to be a memorable one for members of the Team Saskatchewan U16 flag football team — they brought home some hardware from Kingston, Ontario.
According to Environment Canada, rainfall has been recorded in Saskatoon for nearly half the month as showers, clouds and cool temperatures continue to dominate the forecast.
An Ontario mother lost $2,500 to a scammer pretending to be her daughter asking for help in late April.
Photos captured last week by a concerned citizen in Greater Sudbury, Ont., show a bear in distress after its head became trapped in a plastic container.
Ward 11 Coun. Bill Leduc wants to fire the city’s integrity commissioner because he conducted a full investigation into a complaint about the politician’s cellphone bill.
Pets on leashes, a fire ban, and an age restriction, are some of the rules unveiled as part of London’s updated strategy for homeless encampments.
OPP in Oxford County are hoping the owner of some special property will come forward. An urn with ashes inside, was recently found in Tillsonburg off John Pound Road.
Sentencing hearing dates have been set for a 79-year-old woman found guilty of crashing her SUV into a group of young Girl Guides and killing one of them.
The ongoing road construction on Duckworth Street in Barrie will mean another intersection closure, disrupting traffic through the busy thoroughfare for roughly one month.
A destructive fire in a Huntsville campground over the weekend caused half a million dollars in damages.
A Barrie couple who lost their home in 2021 to a tornado that devastated a south-end neighbourhood spent an unforgettable day as guests at Buckingham Palace.
County Road 22 in Lakeshore is closed for repairs after heat buckled the road.
One person has been charged following a crash in Windsor involving a pedestrian. On May 20 around 8:30 p.m., police were called to the 200 block of Parent Ave. near Chatham Street where a pedestrian had been hit by a vehicle.
Starting Sunday, there will be nightly closures of the E.C. Row Expressway from Banwell Road to Jefferson Boulevard — nightly from 8 p.m. to 6 a.m. Sunday through Thursday nights until July 6.
An Indigenous leader in British Columbia says little has changed since the crimes of serial killer Robert Pickton, as community members reflect on news that he is in life-threatening condition after being attacked in prison.
Opinion polls continue to show a two-way race in the lead up to the next provincial election, as the BC Conservatives continue to cut into the NDP's lead and BC United's popularity is shorn away.
Last month’s cyberattack on pharmacy and retail chain London Drugs that forced the closure of all its stores in Western Canada was orchestrated by a 'sophisticated group of global cybercriminals' who are demanding a ransom—and say they’ll leak the company’s data if it doesn’t pay up.
One person is dead after a fight in Penticton early Sunday morning, according to authorities.
A suspect is at large after robbing a convenience store at gunpoint in Merritt, B.C., Friday, according to local police.
After four targeted shootings in four days, Mounties in Kamloops are taking the unusual step of warning the public about two men they believe are likely to be targeted in future violent incidents.
Lethbridge police hit the road over the May long weekend, as part of an ongoing traffic enforcement project.
New data released by the province shows that 124 people died in Lethbridge in 2023 due to a drug overdose, the most ever recorded.
With just over two minutes remaining in the first overtime, Mirko Buttazzoni scored to give the Bandits a 4-3 victory over the Sherwood Park Crusaders Saturday in Brooks.
Two people have been charged with viciously beating a victim this week in Sault Ste. Marie.
Sault police did nothing wrong when a senior in a mental health crisis fractured his finger, Ontario’s police watchdog has concluded.
A 57-year-old suspect in Sault Ste. Marie has been charged with mischief in connection with an incident last month.
79-year-old Madonna Wilkinson has been playing the accordion since she was 15, when she picked one up that had been left behind at one of her parents' rollicking parties in the oceanside town about 25 kilometres north of St. John's, N.L. She has played Sunday masses and St. Patrick's Day parties, and community events of all kinds.
Canada's new $10-a-day child care program is expanding, but there's growing evidence that demand for the program is rising even faster, leaving many parents on the outside looking in.
A new study shows an Atlantic salmon population in southern Newfoundland is disappearing, and it says nearby aquaculture operations are a likely contributor to the decline.
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