The Globe and Mail reports in its Wednesday, Aug. 5, edition that the S&P/TSX Composite index on Tuesday ended up 575.45 points, or 1.6 per cent, at 35,801.59, marking its biggest one-day gain since April 30 and eclipsing the record closing high it posted last Tuesday. A Reuters dispatch to The Globe reports that the TSX is now up more than 30 per cent year over year, but its gains over that period have been powered much more by the mining sector than tech. BMO economist Douglas Porter says: "The new record highs on both major markets puts an exclamation point on the near-four-year rally from the 2022 lows. Casting even further back to pre-Covid days, the S&P 500 is now up 172 per cent from the summer of 2019 (seven years ago), or 15-per-cent annual gains. Even after adjusting for the higher-than-normal inflation of that period, that's still 11 per cent per year, even before dividends. For the TSX, it's been 12 per cent and 8.7 per cent since then." On Tuesday, the TSX materials group advanced 5.2 per cent. The price of gold was up 0.6 per cent as the drop in oil prices tempered inflation fears.