The Globe and Mail reports in its Thursday edition that the Toronto stock market reached a new record high on Wednesday, driven by Shopify's impressive quarterly results, which made it Canada's most valuable traded company. A Reuters dispatch to The Globe reports that the positive earnings report caused Shopify's shares to soar. Similarly, U.S. stocks also closed higher, with the Nasdaq leading the way with a gain of over 1 per cent. This increase was buoyed by Apple shares. The S&P/TSX Composite Index ended up 350.79 points, or 1.3 per cent, at 27,920.87, exceeding the record closing high it posted on Tuesday. "All the heavy lifting is being done by one stock today, and that's Shopify," said AGF manager Mike Archibald. "The numbers were astonishing -- an absolute blowout quarter." Results are now in from about 400 of the S&P 500 companies for the second quarter earnings season. About 80 per cent of reports are beating analyst earnings expectations. Earnings growth for the quarter is estimated at 12.1 per cent, up from 5.8 per cent at the start of July. Also positive for stocks were increasing bets for a September interest-rate cut from the Federal Reserve. The S&P 500 gained 45.87 points to 6,345.06.