Aaron Vincent Elkaim/The Canadian Press

Canada’s main stock index on Thursday wrapped up another strong quarter by climbing to a new all-time high, led by gains for resource shares as investors eyed potential interest rate cuts in the coming months that could stimulate economic growth.

The S&P/TSX composite index ended up 59.95 points, or 0.3%, at 22,167.03, a record closing high. The index also hit an intraday record high, at 22,220.91, eclipsing the previous record it set in April 2022.

The S&P 500 closed out the week with slight gains. Both the U.S. and Canadian markets will be closed for the Good Friday holiday.

“The trade in the last month has really turned to reflation,” said Mike Archibald, a portfolio manager at AGF Investments. “Commodities are working extremely well. Banks have started to rally both south of the border and up here in Canada.”

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