North American stocks rebounded Tuesday, in concert with Asian and European markets, which also rose sharply higher earlier in the day, as investors rushed back into the market after a weeks’ worth of losses.

The Bank of Canada announced it would leave interest rates at the current level of 4.25%, saying that prospects for the domestic economy were still steady.

In Toronto, the S&P/TSX composite index gained 156.94 points, or 1.23%, to 12,868.19, reversing some of the losses sustained since the previous Tuesday. All 10 TSX main groups were up.

The materials index gained 2.63%, with the gold sub-index moving up 2.61%.

Gold for April delivery closed up $7 at US$646.20 an ounce.

Kinross Gold Corp. gained 51¢, or 3.46%, to $15.25.

The energy index gained 1.02%.

Light, sweet crude for April delivery rose 62¢ to close at US$60.69 a barrel.

Talisman Energy Inc. moved up 14¢, or 0.75%, to $18.88.

Financials moved up 1%.

Bank of Nova Scotia announced a record first quarter profit of $1.02 billion, up about 20% over the same period last year. The bank’s shares advanced 95¢, or 1.91%, to $50.63.

The Canadian dollar was up 0.30 of a cent to US85¢.

The S&P/TSX Venture composite index rose 119.80 points, or 4.05%, to 3,075.19.

In New York, the Dow Jones industrial average gained 157.18 points , or 1.3%, to 12,207.59, the Nasdaq composite index advanced 44.46, or 1.9%, to 2,385.14, and the S&P 500 moved up 21.29, or 1.55%, to 1,395.41.