The benchmark index of the Toronto stocks exchange shook off earlier losses Wednesday, as gains in banking shares offset declines in resource issues.

The S&P/TSX composite index closed up 14.49 points, or 0.16%, at 9,246.11.

Benchmark crude for May delivery dropped 16¢ to settle at US$49.25 a barrel on the New York Mercantile Exchange.

The financials group rose 1.1%, drawing support from the recent spate of better-than-expected earnings from key U.S. banks.

Royal Bank of Canada rose 1.36% to $41.13, while Sun Life Financial jumped 4.4% to $27.55.

Technology shares fell 1.01% after Intel said late on Tuesday that economic uncertainty ruled out a clear revenue forecast.

Shares of BlackBerry maker Research In Motion slid 1.83% to $76.90.

The junior S&P/TSX Venture composite index shot up 11.02 points, or 1.13%, to finish at 1.13%.

The Canadian dollar added 0.74 of a cent to close at US83.11¢.

In New York, stocks climbed after the U.S. Federal Reserve’s Beige Book report suggested the steep plunge in economic activity is beginning to level off.

The Dow Jones industrial average gained 1.38%, or 109.44 points, to 8,029.62. The S&P 500 gained 1.25%, or 10.56 points, to 852.06. The tech-heavy Nasdaq Composite Index edged up 1.08 points, or 0.07%, to 1,626.80.

It was the Dow’s first gain in three sessions.

IE