The Toronto stock market powered ahead for a fourth straight session on Wednesday, as mining and metals issues led a broad-based advance.

The S&P/TSX composite index closed up 224.43 points, or 1.7%, at 13,463.14.

The resource heavy materials group rose 3.6% as bargain hunters scooped up recently depressed stocks and underlying metals prices rose.

Teck Cominco was up $1.47, or 3.4%, at $44.42, and First Quantum Minerals advanced $3.95, or 5.2%, to $80.29.

The gold subindex rose 3.41% as bullion futures benefited from a weaker U.S. dollar.

Barrick Gold shares jumped $1.26, or 3.7%, at $35.34,

A report that online brokerages TD Ameritrade Holding Corp and E*Trade Financial Corp have been in serious merger discussions lifted financial shares.

Toronto-Dominion Bank , which owns about 40% of TD Ameritrade, was up $1, or 1.5%, at $69.43, while the TSX financials sector gained 1.05%.

The industrials sector rose 2.55%, led by Canadian National Railway up $2.09, or 3.9%, at $55.08.

Oil and gas producers gained 1.4%, despite lower oil and natural gas futures.

The junior S&P/TSX Venture composite index jumped 57.27 points, or 2.26%, to 2,588.11.

The Canadian dollar was unchanged at US94.02.

In New York, U.S. stocks rose on Wednesday as takeover activity resurfaced and credit markets stabilized, luring investors back into riskier assets such as equities.

The Dow Jones industrial average climbed 145.27 points, or 1.11%, to end at 13,236.13. The S&P 500 was up 16.95 points, or 1.17%, at 1,464.07. The Nasdaq composite index was up 31.50 points, or 1.25%, at 2,552.80.

The Nasdaq rose for a fourth session in a row and is now up 5.7% for the year.