04:20 PM EDT, 05/15/2025 (MT Newswires) -- The Toronto Stock Exchange closed at a record high on Thursday, rising for an eighth-straight session as markets continue to rally after China and the United States on backed off their tariff battle on the weekend.

Even with commodity prices mixed, the resources heavy S&P/TSX Composite Index closed 203.44 points to 25,895.89, topping the prior record close of 25,808.25 set on Jan. 30. Among sectors, Industrials, up 1.78%, and Telecoms, up 1.33%, posted the biggest gains, with Energy and Base Metals down 1.34% and 0.83% respectively.

The Canadian market surpassing its prior peak provides a psychological milestone for traders and is "a sign of resilience" according to Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management. "The market has taken everything that could be thrown at it and it's still showing strength and it still has breadth and that's a really good thing," he added.

The S&P/TSX has now climbed 4.7 per cent so far in 2025 and is outperforming U.S. gauges, including the S&P 500 and Nasdaq 100 indexes, thanks in part to its higher weighting toward defensive sectors and its large concentration of gold stocks, which have enjoyed record bullion prices, according to Bloomberg Intelligence strategist Gillian Wolff.

"Canadian earnings growth is now expected to significantly outpace its U.S. peers in 2025," Wolff said, noting that the outlook for the U.S. equity market has been downgraded more substantially than Canada's since Trump implemented so-called reciprocal tariffs against trading partners on April 2.

According to a report S&P Global Ratings published today and titled, 'Global Credit Conditions Special Update: U.S.-China Tariff De-Escalation Brings Some Temporary Relief', the tariff pullback between the U.S. and China was "swift and surprised markets". But S&P said while it has some positive implications for credit conditions and economic performance, it thinks relief is partial and could prove temporary.

Of commodities, West Texas Intermediate (WTI) closed lower for a second day on Thursday as the United States nears a deal with Iran to limit its nuclear ambitions while the International Energy Agency said it sees oil demand slowing while supply is on the rise. West Texas Intermediate crude oil for June delivery was last seen down $1.78 to US$61.37 per barrel, while July Brent crude was last seen down $1.59 to US$64.50.

But gold traded higher late afternoon on Thursday as the dollar weakened following a report that showed U.S. wholesale price inflation slowed last month. Gold for June delivery was last seen up $45.90 to US$3,234.20 per ounce.