The Toronto stock market surged ahead Wednesday, with investors pouring their money into resource issues, as news of the U.S. Federal Reserve’s decision to lower its key lending rate led to a broad rally in the commodities market.

The U.S. central bank announced it would cut its rate by a 0.25% to 4.5%

The S&P/TSX composite index gained 312.92 points, or 2.19%, to 14,625.00.

All 10 TSX main sub-groups were up on the session.

The materials sector 2.54%, while the gold sub-index gained 3.65%.

Gold futures rose $7.50 to settle at US$795.30 an ounce.

Iamgold Corp. gained 10¢, or 1.22%, to $8.28.

The energy sector gained 3.40%.

Crude oil for December delivery closed up $4.15, or 4.6%, to $94.53 a barrel.

EnCana Corp. gained $2.96, or 4.69%, to $66.10.

The financials sector moved up 1.84%.

TSX Group Inc. gained $2.04, or 4.17%, to $50.94 after the exchanges firm reported a quarterly profit of $42.7 million, up 29% from the same period last year.

The Canadian dollar rose 0.93 cent to US105.85¢.

The S&P/TSX Venture Exchange rose 28.72 points, or 0.92%, to 3,135.62.

In New York, markets soared as investors cheered the Fed’s decision.

The Dow Jones industrial average gained 137.54 points, or 1.00%, to 13,930.01, the Nasdaq composite index gained 42.41, or 1.51%, to 2,859.12, and the S&P500 rose 18.36, or 1.20%, to 1,549.38.