North American equity markets closed our Wednesday’s trade near session highs amid a risk-on trade favouring assets like stocks. The S&P/TSX Composite Index climbed 2.92 per cent, the S&P 500 rose 2.66 per cent, the Dow Jones Industrial Average was up 2.21 per cent and the tech-heavy Nasdaq Composite Index ended the day with a 3.57 per cent gain.

It’s been a busy week for the Nasdaq, with a slew of earnings from some major tech firms hitting the tape. After the closing bells, Microsoft Corp. topped third quarter profit and revenue estimates while Facebook Inc. beat on the revenue line and expectations for active users. Carmaker Tesla Inc. posted a surprise profit and posted revenue above analyst expectations.

Meanwhile, oil prices rebounded ahead of the May 1 implementation of an OPEC+ production curtailment agreement, sending the West Texas Intermediate benchmark to a 24 per cent gain to trade near US$15.50 per barrel shortly after 4 p.m. ET. Alberta’s Western Canadian Select was up nearly 46 per cent to trade at US$7.35 per barrel, though Canadian crude is only priced a handful of times per day.

In Toronto, 10 of the 11 TSX subindices closed in positive territory, led by energy, financials and consumer discretionary stocks. Only the consumer staples sector closed Wednesday's trading session in the red.

Most of the composite’s 230 constituents finished higher for the day, led by Celestica Inc., Crescent Point Energy Corp. and ShawCor Ltd., which all notched gains above 17 per cent.

The Canadian dollar gained ground against its U.S. counterpart on Wednesday, rising six-tenths of a cent to trade at 72 cents U.S.

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12:00 p.m. ET: North American equities hold near session highs

North American equity markets held near session highs heading into midday, with the S&P/TSX Composite Index up 2.3 per cent, the S&P 500 rising 2.6 per cent, the Dow Jones Industrial Average gaining 2.3 per cent and the Nasdaq Composite Index notching a 3.3 per cent gain.

In Toronto, nine of the 11 TSX subgroups were in positive territory, led by energy, financials and consumer discretionary. Only consumer staples and materials were trading in the red.

On a stock-specific basis, 189 of the benchmark index’s 230 constituents were up, led by Lightspeed POS Inc., Baytex Energy Corp. and ShawCor Ltd. posting the largest percentage gains.

Oil prices extended their gains after American crude stockpiles grew less than expected last week, with U.S. benchmark West Texas Intermediate rising 28 per cent. Alberta’s Western Canadian Select notched outsized gains, up nearly 53 per cent to trade at US$7.69 per barrel.

The Canadian dollar remained higher against its U.S. counterpart, gaining three tenths of a cent against the greenback to trade at about 71.75 cents U.S.

9:37 a.m. ET: North American equity markets rally ahead of Fed rate decision

North American equity markets rallied at the open of Wednesday’s trade, with the S&P/TSX Composite up one-and-a-half per cent, and indices south of the border notching more significant gains, with the S&P 500 up about two per cent, the Dow Jones Industrial Average gaining 1.75 per cent per cent and the tech-heavy Nasdaq Composite Index rising 2.25 per cent.

Equity and fixed-income investors will be keeping a close eye on the interest rate decision from the U.S. Federal Reserve today at 2 p.m. ET.

U.S. equities were buoyed by a number of factors in the early trading day, with some optimism over the clinical testing of a Gilead Sciences Inc. treatment for some of the respiratory complications of the COVID-19 virus and the ongoing string of earnings boosting markets.

It’s a busy week for the Nasdaq in particular on the earnings front, with the slate of tech titans reporting results, including Facebook Inc. and Microsoft Corp. after the closing bells Wednesday.

Global oil prices rose, with U.S. benchmark West Texas Intermediate prices jumping more than 25 per cent to trade at US$15.50 per barrel. Commodity investors are weighing the looming mandated OPEC+ production cuts, which come into effect on May 1, against the near-term impact of rising inventories and demand destruction in the face of the virus outbreak.

The Canadian dollar rose four-tenths of a cent against its U.S. counterpart to trade at 71.81 cents U.S.