The Toronto Stock Exchange soared more than 2% on Thursday as the Bank of Canada confirmed that the recession had ended and predicted third quarter GDP growth of 1.3%.

The S&P/TSX composite index surged 243.33 points, or 2.3%, to close at 10,675.68.

The energy group jumped 2.9% as oil futures finished at their highest level in three weeks. September crude futures gained US$1.76, or 2.7%, to US$67.16 a barrel on the New York Mercantile Exchange.

Shares of Canadian Natural Resources Ltd. surged $3.11, or 5.1%, to $63.68, and Husky Energy Inc. rose 6.3% to $34.00.

Oil and gas giant EnCana Corp. saw its stock gain 2.5% after reporting earnings of US$239 million for the quarter ended June 30, down 80% from year-earlier net earnings of US$1.2 billion, due to low natural gas prices. EnCana’s stock gained $1.43 to close at $59.08.

Financial stocks soared 2.8% on Thursday.

Shares of Manulife Financial Corp. jumped 4.9% to $23.82 and Sun Life Financial Inc. rose 5.7% to $34.86.

Bank of Nova Scotia gained 2% to $43.82 and CIBC’s stock advanced by $2.43, or 3.9%, to end at $64.83.

Meanwhile, gold for August delivery gained US$1.50, or 0.2%, to end at US$954.80 an ounce on the Comex division of the New York Mercantile Exchange.

Materials stocks gained 2.3%, while the sub-gold index retreated by 0.1%.

Shares of Potash Corp. surged more than 7% on Thursday despite news that the company’s second quarter profit plummeted 80% to US$187.1 million, thanks to weak market conditions. Potash shares added $7.09 to close at $104.59.

Shares of Agrium Inc. also finished sharply higher, adding $2.90, or 6.6%, to $47.00.

Shares of Quadra Mining Ltd. surged 16.8% after the company announced the successful completion of a scoping study for its Sierra Gorda project in Chile, estimating that it would produce average annual molybdenum production of 33 million pounds over the first eight years. Quadra’s stock gained $1.41 to close at $9.80.

Teck Resources Ltd. advanced by $1.25, or 5.1%, to close at $26.00.

The junior S&P/TSX Venture composite index also finished higher on Thursday, gaining 14.34 points, or 1.3%, to close at 1,137.79.

The loonie advanced by a cent against the U.S. dollar, to finish at US92.04¢.

In New York, U.S. stock markets also finished with strong gains on Thursday, boosted by better-than-expected earnings reports and news of strong sales of existing homes in June.

The Dow Jones industrial average jumped 188.03 points, or 2.1%, to 9,069.29, topping the 9,000-mark for the first time since January.

The S&P 500 index rose 22.22 points, or 2.3%, to finish at 976.29.

The Nasdaq composite rose 47.22 points, or 2.5%, to end at 1,973.60.

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