Basic Materials Stocks Boost S&P/TSX, U.S. Markets Also Gain

Hopes for end to Middle East war help drive market optimism

Apr. 1, 2026 at 8:19pm

Got story updates? Submit your updates here. ›

Canada's main stock index rose on Wednesday, with the S&P/TSX composite index up 189.91 points at 32,957.95, helped by gains in the basic materials sector. U.S. markets also gained ground, with the Dow Jones industrial average up 224.23 points at 46,565.74 and the S&P 500 index up 46.80 points at 6,575.32. The rise in markets came amid hopes that the war in the Middle East could be coming to an end, as U.S. President Donald Trump said the U.S. military could end its offensive in two to three weeks.

Why it matters

The performance of the Canadian and U.S. stock markets is a key indicator of the overall health of the economy. The gains in the basic materials sector, which includes companies involved in the extraction, processing, and trading of raw materials, suggest optimism about future economic growth and demand. The potential end to the Middle East war also contributed to the market's positive sentiment.

The details

The S&P/TSX composite index rose 189.91 points to close at 32,957.95, with the basic materials sector leading the gains. In the U.S., the Dow Jones industrial average was up 224.23 points at 46,565.74, the S&P 500 index rose 46.80 points to 6,575.32, and the Nasdaq composite was up 250.32 points at 21,840.95. The Canadian dollar traded at 72.00 cents US, up from 71.74 cents US the previous day. Oil prices fell, with the May crude oil contract down US$1.26 at US$100.12 per barrel, while the June gold contract was up US$134.50 at US$4,813.10 an ounce.

  • On Tuesday, U.S. President Donald Trump said the U.S. military could end its offensive in the Middle East in two to three weeks.

The players

S&P/TSX composite index

Canada's main stock index, which tracks the performance of the largest companies listed on the Toronto Stock Exchange.

Dow Jones industrial average

A stock market index that tracks 30 large publicly traded companies in the United States.

S&P 500 index

A stock market index that tracks 500 large publicly traded companies in the United States.

Nasdaq composite

A stock market index that tracks the performance of over 3,000 stocks listed on the Nasdaq stock exchange.

Donald Trump

The former President of the United States.

Got photos? Submit your photos here. ›

The takeaway

The gains in the Canadian and U.S. stock markets, particularly in the basic materials sector, suggest that investors are optimistic about the potential for economic growth and a resolution to the ongoing conflict in the Middle East. This could have broader implications for consumer confidence, business investment, and the overall health of the economy.