TSX Closer: The Index Jumps More Than 800 Points as Telecom and Financial Stocks Rally

04:14 PM EST, 11/04/2026 (MT Newswires) -- The S&P/TSX Composite Index jumped more than 800 points on Wednesday as strong gains in financial, telecom and base metals stocks outweighed steep losses in energy, while investors assessed fresh Canadian trade data and the Democratic Party's rout in the US midterm elections. The index closed up 809.12 points, or 2.3%, at 36,341.40, with mixed sectors. Telecom led the advancers, jumping 3.2%, followed by financial and base metals, which surged 3.0% and 2.0%, respectively. Shares in energy and healthcare dropped 6.2% and 0.9%, respectively. The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, dropped 0.9%. In commodities, West Texas Intermediate (WTI) and Brent crude prices plunged more than 8% on Wednesday as the Democratic Party's victory in the US midterm elections raised expectations of a diplomatic resolution to the war with Iran. Investors assessed the possibility that Democratic control of Congress could limit President Donald Trump's military options and increase pressure for negotiations, potentially easing disruptions to Middle East oil supplies. December WTI crude oil contract settled down $7.97, or 8.3%, to $88.12 per barrel, while January Brent oil was last seen down $8.38, or 8.1%, to $95.22 per barrel. December Comex gold futures jumped 3.3%, or $130.00, to $4070.40 per ounce at last look. In currencies, the US dollar edged lower 0.3% against the Canadian dollar, with USD/CAD at 1.3964 at last look. Meanwhile, in Canada's government bond market, investors showed strong interest in Wednesday's Government of Canada five-year bond sale, placing C$14.5 billion in bids for the C$5 billion on offer, or nearly three times the amount available, according to data from the Bank of Canada website. In economics news, Canada's international trade surplus widened to CA$5.4 billion in September from CA$5.0 billion in August as merchandise exports rose 0.2% on the month, while imports fell 0.3%, Statistics Canada said Wednesday. September's surplus was better than the CA$5.0 billion consensus figure in a Bloomberg survey. Increased shipments of crude oil and unwrought gold were the primary contributors to September's export growth, StatsCan said. In stocks, Canadian Tire (CTC-A.TO) closed up C$6.76 at C$209.44 after announcing earlier Wednesday that it plans to invest C$200 million to upgrade its Mark's stores through 2028. Separately, Canadian auto sales rose for a fifth consecutive month in October, climbing 1.8% year-over-year to 162,000 units despite economic headwinds and trade tensions with the US, according to DesRosiers Automotive Consultants.