The S&P/TSX Composite Index rose 1% to close at a fresh record of 31,478 on Thursday, outperforming US peers after a new round of bank results reinforced the view of an economy holding up despite tariff uncertainties. Major lenders led the advance with RBC up 2.5%, TD Bank 2% after beating estimates and lifting its dividend, and CIBC 4.2% on stronger fourth quarter profit driven by capital markets, while BMO closed flat despite beating profit and revenue estimates as investors parsed mixed strength across banks. The big six have outperformed the TSX this year as they shift toward fee-based, higher margin businesses amid stalled loan growth in retail and commercial banking. Expectations of a US rate cut next week have buoyed risk appetite and helped underpin equities. Separately, talk that the US may abandon CUSMA and pursue separate deals with Canada and Mexico added a political risk backdrop for markets.