The Toronto stock market surged Wednesday posting a nearly 200-point gain, as financials and the resource sectors powered the broader market forward.

The S&P/TSX composite index shot ahead 197.62, or 1.46%, to 13,758.19.

Eight of the 10 TSX main sub-groups finished ahead.

Financials gained 2.36% on strong earnings results from Manulife Financial.

The insurer announced a second-quarter profit of $1.1 billion, up 14.7% from a year-ago earnings of $959 million. Manulife shares gained $1.01, or 2.54%, to $40.75.

The energy index advanced 1.34%.

Light, sweet crude for September delivery fell 27¢ to US$72.15.

Nexen Inc. gained 6¢, or 0.19%, to $31.04.

The materials group moved up 1.74%, with the gold sub-group gained 2.36%.

The gold contract gained $4 to close at US$686.30.

Meridian Gold Inc. gained $1.17, or 4.12%, to $29.54.

The S&P TSX Venture composite index moved ahead 27.40 points, or 0.91%, to 3,030.87.

The Canadian dollar rose 0.44 of a cent to US95.36¢.

In New York, markets posted big gains, after yet another volatile trading session, as investors cheered earnings news by piling back into equities.

The Dow Jones industrial average shot ahead 153.56 points, or 1.14%, to 13,657.86, the Nasdaq composite index gained 51.38, or 2.01%, to 2,612.98, and the S&P 500 fired ahead 20.78, or 1.41%, to 1,497.49