The S&P/TSX composite index was as high as 20,035 in the afternoon on Wednesday before closing just shy of the 20,000 level at 19,971. The rally was broad-based, as financial firms, manufacturers, tech companies and the energy sector were almost uniformly higher. Oil is higher on expectations that the world economy is slowly starting up again after the doldrums of the COVID-19 pandemic. If economies expand, they need more energy, which pushes up the price of oil. Edward Moya, a strategist at foreign exchange firm Oanda, said "oil prices seemed destined to continue to climb higher."

Source: CBC News June 02, 2021 16:18 UTC