Toronto stocks closed higher on Wednesday as most sectors advanced. The S&P/TSX composite index rose 88.54 points, or 1.19%, to close at 7,509.67.

The heavily weighted financials index advanced 1.5%, The financial sector recorded its first winning session since Manulife Financial announced it plans to buy U.S. insurer John Hancock Financial Services

Sun Life Financial shares rose 70¢ to $29.95, while Canadian Imperial Bank of Commerce was up $1.47 at $56.78.

Manulife, down about 5% since announcing the $10.8 billion takeover plan, was off 53¢, or 1.4%, at $38.50.

The information technology sector rose 2% .
Shares of ATI Technologies rose $1.07 to $21.21. Nortel Networks Corp. gained 15¢, or 2.7%, at $5.70.

The gold sector finished flat, battling back from losses earlier in the day Placer Dome rose 9¢ to $18.65; Barrick Gold rose 7¢ to $25.50.

The junior S&P/TSX Venture composite index slipped 8.43 points to 1,384.72.

In New York, stocks rebounded as investors reacted to a report showing the manufacturing sector continued to expand.

Manufacturing growth expanded for the third straight month in September, although the pace slowed, according to the Institute for Supply Management.

The tech-heavy Nasdaq composite index rose 45.31 points, or 2.54%, at 1,832.25 after losing more than 2% on Tuesday.

The blue-chip Dow Jones industrial average jumped 194.14 points, or 2.09%, to 9,469.20. The broad S&P 500 Index gained 22.24 points, or 2.23%, to 1,018.21.

The Canadian dollar rose 0.26¢ to US74.34¢.