The Globe and Mail reports in its Friday edition that North America's main stock indexes rallied Thursday on hopes that the U.S. Federal Reserve had reached the end of its tightening campaign, while a raft of upbeat corporate updates added to the bullish mood in both Canada and the United States. A Reuters dispatch to The Globe says that the S&P/TSX Composite Index achieved its biggest daily gain in a year, closing up 2.9 per cent, aided by a 21.3-per-cent surge in shares of Shopify. The Fed held interest rates steady on Wednesday as expected, and while chair Jerome Powell left the door open to further tightening, he also acknowledged the effect of a recent surge in bond yields on the economy. The comments, viewed as hints that the central bank is done with its rate increases, sent longer-dated U.S. Treasury yields tumbling, which supported stocks. "Powell's comments in the presser yesterday were what everyone wanted to hear," said Justin Burgin, vice-president of equity research at Ameriprise Financial in Troy, Mich. Mr. Burgin also pointed to better-than-expected earnings reports. The S&P/TSX Composite Index ended up 547.34 points, or 2.9 per cent, at 19,626.34, its biggest advance since November last year.