The S&P/TSX Composite Index gained 1.5% to close at 34,671 on Thursday after US President Donald Trump withdrew threats of military strikes against Iran, easing geopolitical concerns. The reversal came just hours before the strikes were expected to take place, as negotiations with Iran reportedly advanced to the highest levels of the country's leadership and received backing from a broad coalition of regional powers. Oil prices fell on the news, easing inflation concerns and pushing bond yields lower. Financial stocks advanced, with TD Bank rising 1.6%. Mining shares also gained as gold prices moved higher, with Agnico Eagle up 3.5% and Barrick adding 5.3%. Technology stocks were supported by a rebound in semiconductor shares following recent weakness in the sector, with Shopify gaining 2.2% and Celestica surging 6.1%. Meanwhile, Dollarama jumped 9% after reporting quarterly sales and earnings that exceeded expectations.