Canada’s main stock index soared nearly 200 points on Friday, erasing a triple-digit loss the day before, in a broad-based advance across all sectors.

The S&P/TSX composite index surged 185.34 points to 15,582.04, after shedding 146.44 points Thursday.

“There’s a lot of cash on the sidelines and investors that have idle cash are stuck between a rock and a hard place,” said Kash Pashootan, a portfolio manager at First Avenue Advisory, a Raymond James company.

“When you do have these small corrections or these glimpses of single-day volatility, it tips the scales for some cash that’s on the sidelines to look at that as a mini buying opportunity,” Pashootan said.

In New York, markets posted moderate gains.

The Dow Jones industrial average rose 55.47 points to 21,006.94, the Nasdaq composite index moved up 25.42 points to 6,100.76, and the S&P 500 index gained 9.77 points to a record-high 2,399.29.

There hasn’t been much volatility in U.S. markets as the current earnings season and recent economic data has lacked surprises, Pashootan said.

The price of oil regained some of its worth after the commodity’s value hit its lowest level since late November on Thursday when it reached US$45.52 per barrel.

The June crude contract advanced 70¢ to US$46.22 per barrel on Friday.

However, the modest recovery doesn’t change the outlook for the future trajectory of the commodity’s price, Pashootan said.

“The good news is we’re no longer in free fall of oil prices, but I wouldn’t get too comfortable.”

Crude prices are expected to be under pressure for the next six to 12 months, he said, with the possibility they’ll slip under US$40 a barrel at some point during that time.

In currencies, the Canadian dollar rose 0.17 of a U.S. cent to an average value of US72.93¢.

The U.S. Federal Reserve’s decision to keep interest rates unchanged earlier this week provided the loonie some relief, Pashootan said.

Elsewhere in commodities, the June gold contract fell US$1.70 to US$1,226.90 an ounce. The June natural gas contract rose eight cents to about US$3.27 per mmBTU and the July copper contract gained US1.7¢ to roughly US$2.53 a pound.