Canada's benchmark stock index on Wednesday scored its biggest points gain in 10 months as its financial services group cheered prospects for a March interest rate hike by the Federal Reserve.

Resource stocks, industrials and consumer names were all also broadly higher as the index broke a five-day downward move.

"The TSX is taking its cues from the rally in the U.S.; a bit of optimism after Trump's speech," said Youssef Zohny, portfolio manager at StennerZohny Investment Partners of Richardson GMP.

The Dow crossed the 21,000 mark for the first time after U.S. President Donald Trump's measured tone in his first speech to Congress, while investors viewed a looming interest rate increase as a glass half full after Fed policymakers on Tuesday jolted markets into higher expectations for a hike this month.

Canadian financial stocks stand to benefit from any hikes as higher bond yields reduce the value of insurance companies' liabilities and increase net interest margins of banks.

The group gained 1.5 per cent overall, with Toronto-Dominion Bank (TD.TO) advancing 1.5 per cent to $69.50 ahead of its quarterly results on Thursday.

National Bank of Canada (NA.TO) gained 1.7 per cent to $57.66 after reporting profit that handily beat estimates.

Brookfield Asset Management Inc (BAMa.TO) is nearing a deal to buy a 30 per cent stake in Renova Energia SA, a person directly involved in the transaction said.

Shares of Brookfield rose 1.3 per cent to $48.47.

By contrast to the Fed, the Bank of Canada held rates steady as it stayed focused on the "significant uncertainties" facing the domestic economy.

The Toronto Stock Exchange's S&P/TSX composite index ended up 200.44 points, or 1.3 per cent, at 15,599.68, which was its biggest points gain since May and its biggest per centage advanced since July.

Nine of the index's 10 main groups were in positive territory, with only telecoms lagging.

The energy group climbed nearly 1.5 per cent even as a record high for U.S. crude stocks weighed on oil prices.

U.S. crude oil futures settled 18 cents lower at US$53.83 a barrel.

Industrials rose nearly 2 per cent as railroad stocks climbed, while the materials group, which includes precious and base metals miners and fertilizer companies, added 2.3 per cent.

First Quantum Minerals Ltd (FM.TO) jumped 8.2 per cent to $14.95 and Teck Resources Ltd (TECKb.TO) advanced 5.8 per cent to $28.08 as copper prices rose to their highest in more than a week. 

Copper firmed 0.7 per cent to US$6,016.15 a tonne as manufacturing data from top consumer China showed potential for strong demand.