• TSX ends up 1.2% at 23,866.27
• Technology advances 3%
• Energy adds 1.9% as oil settles 1.5% higher
• TD Bank names new CEO; stock rises 2.4%

Sept 19 (Reuters) - Canada's main stock index climbed to a record high on Thursday, led by technology and commodity-linked stocks, as investors bet that the Federal Reserve's outsized interest rate cut could spur a shift from cash into riskier assets globally.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 273.67 points, or 1.2%, at 23,866.27, eclipsing Monday's all-time closing high.

Wall Street also rallied after the Fed kicked off its easing cycle on Wednesday with a half-percentage-point reduction in rates, rather than a quarter-percentage-point move.

"Traders seem to have decided to take the rate cut news as positive for liquidity, overshadowing concerns that rate cuts could be a sign of a weakening economy," Colin Cieszynski, chief market strategist at SIA Wealth Management, said in a note.

Lower U.S. interest rates reduce the cost of borrowing U.S. dollars. The Fed's move could also encourage other central banks, such as the Bank of Canada, to cut rates at a faster pace, analysts say.

The technology sector rose 3%, helped by a gain of 5.6% for electronic equipment company Celestica Inc (CLS.TO) , opens new tab. Energy was up 1.9% as the price of oil settled 1.5% higher at $71.95 a barrel.

Gold and copper prices also rose, leading to gains for metal mining stocks. The materials group, which includes metal miners and fertilizer companies, added 1.6%.

TD Bank CEO Bharat Masrani will retire next year and hand over the job to the head of its Canadian banking unit Ray Chun, as Canada's second-biggest lender braces for expected U.S. fines for weakness in its anti-money laundering protocols.

Shares of TD (TD.TO) , opens new tab rose 2.4%, while the financials sector ended 1.3% higher.

Sign up here.

https://www.reuters.com/markets/tsx-futures-jump-feds-big-rate-cut-aids-us-soft-landing-hopes-2024-09-19/