Investors endured a roller-coaster session on the Toronto Stock Exchange Wednesday, as stocks opened sharply lower, but reversed course in the afternoon as bargain hunters bought up bank shares.

The S&P/TSX composite index closed up 16.5 points, or 0.13%, at 12,657.38.

Six of the 10 main TSX groups advanced, led by a 3.81% rise in the heavyweight financials group.

CIBC jumped 6.36%, or $4.16, to close at
$69.62.

TD Bank shares rose $3.14, or 4.82%, closing at $68.24.

Royal Bank of Canada rose $2.20, or 4.51%, closing at $50.99.

The resource-laden materials group lost 2.69%.

The gold sub-group lost 3.43%, as February’s gold contract dropped US$7.20 to end at US$883.10 an ounce on Nymex.

Barrick Gold was the big mover in gold, losing $1.83, or 3.57%, to close at $49.42, after big gains yesterday.

The energy group lost 2.16%, as crude oil for March delivery ended down US$2.22, or 2.5%, at US$86.99 a barrel on the Nymex, the lowest closing price in three months.

In individual stocks, Canadian National Railway Co. shares gained $2.45, or 5.46%, closing at $47.34, after it boosted its dividend and reported higher fourth-quarter profits.

The junior S&P/TSX Venture composite index closed down 25.59 points, or 1.04%, at 2,440.34.

The Canadian dollar closed out at US$97.69, down 0.42 of cent from yesterday.

In New York, U.S. stocks tumbled early in the day, sparking concern that the emergency rate cut by the U.S. Federal Reserve hadn’t done the job, but markets made a comeback in the afternoon, erased earlier losses and managed to close up.

The Dow Jones industrial average climbed 298.98 points, or 2.5%, to shut down at 12,270.17.

The S&P 500 rose 28.10 points, or 2.14%, to finish the day at 1,338.60.

And the tech-heavy Nasdaq Composite also gained, rising 24.14 points, or 1.05%, to end the session at 2,316.41.