The Globe and Mail reports in its Thursday edition that Canada's main stock index rose on Wednesday to a near two-year high, led by gains for the materials sector, as the Bank of Canada and the U.S. Federal Reserve continued to signal a move to lower interest rates ahead. A Reuters dispatch to The Globe says that Wall Street's three major indexes also rose. There was a lack of "hawkish" surprises from the BoC and the Fed, said Ian Chong, a portfolio manager at First Avenue Investment Counsel. Federal Reserve chair Jerome Powell told lawmakers that the Fed still expects to reduce interest rates later this year, while the Bank of Canada reiterated that the discussion at the central bank has shifted from whether the rates were restrictive enough to how long they needed to stay at their current level. The S&P/TSX Composite Index ended up 68.03 points at 21,593.96, its highest closing level since April, 2022. The materials group, which includes precious and base metals miners and fertilizer companies, rose 1.3 per cent as gold added to its record-setting rally. Energy was also up, with its prices ending at $79.13 (U.S.) a barrel. The consumer-related sectors also posted gains Wednesday on the Toronto Stock Exchange.