The Globe and Mail reports in its Thursday edition that Canada's main stock index on Wednesday clawed back some of the previous day's steep decline as resource shares rose and investors cheered an extended ceasefire in the Middle East. A Reuters dispatch to The Globe says U.S. stocks also climbed to snap a two-day skid for the S&P 500 and Nasdaq, after U.S. President Donald Trump extended the ceasefire with Iran, although uncertainty remained over whether it would result in any firm peace talks. The S&P/TSX Composite Index ended up 146.81 points at 33,955.11. On Tuesday, the index posted its biggest drop in a month, falling 1.6 per cent. Iran seized two ships in the Strait of Hormuz, tightening its grip on the strategic waterway after Mr. Trump called off attacks with no sign of peace talks restarting. U.S. stocks have rallied on the belief that a peace deal could be on the horizon. Nasdaq snapped a streak of 13 straight daily gains on Monday, but rallied 397.60 points Wednesday at 24,657.56. Stephen Massocca at Wedbush Securities in San Francisco said, "There's still tremendous value, there's a lot of really cheap stuff out there." U.S. crude oil futures settled 3.8 per cent higher at $92.96 (U.S.) a barrel.