The S&P/TSX Composite Index reversed early-morning losses to close higher on Thursday as investors continued to analyze corporate earnings and the state of the North American economy.

The index closed up 202.15 points, or 1.05 per cent, at 19,456.71 in a broad rally.

Shares of Cenovus Energy Inc. ended with a 3.94 per cent gain at $24.56 after it reported revenue and net earnings soared in its second quarter thanks to high oil prices.

On the post-earnings conference call, Chief Executive Officer Alex Pourbaix said the company was not feeling a significant impact from inflation, partly because of long-term contracts it has in place.

Canadian Pacific Railway Ltd. posted a decline in earnings in its latest quarter as it grappled with surging fuel costs. However, the company struck an optimistic tone on grain shipments, saying they appeared to be improving. Shares closed 1.03 per cent higher.

The most influential laggard on the TSX was Bausch Health Companies Inc. Its shares plummeted 50.63 per cent to $5.50 — and took 11 points off the index — before trading in the stock was halted for the remainder of the day Thursday. In an oral ruling, a Delaware federal district court judge said certain patents for the company’s irritable bowel syndrome drug, Xifaxan, were invalid — opening the door to a generic version of the drug to compete on the market.

Bausch said it would vigorously defend its intellectual property and plans to appeal if the final court order matches the oral ruling.

Markets in New York ended higher despite the latest GDP data which showed the U.S. economy fell into a technical recession (although it should be noted the GDP reading could be revised at a future date, and that it’s up to the U.S. National Bureau of Economic Research to officially declare a recession). The S&P 500 rose 1.21 per cent, the Dow gained 1.03 per cent and the Nasdaq closed with a 1.08 per cent advance.

While equities were able to brush off the economic data, the oil market seemingly couldn’t. West Texas Intermediate crude fell US$0.84 to US$96.42 per barrel as investors pondered what a weaker U.S. economy could mean for demand.

The Canadian dollar gained slightly at 78.00 cents U.S.

Two more U.S. tech titans reported earnings after markets closed.

Amazon.com Inc. shares surged more than 12 per cent in extended trading after it topped revenue estimates and said it expects sales will climb up to 17 per cent in the third quarter.

Apple Inc. narrowly beat profit and revenue estimates in its fiscal third quarter as sales for its flagship iPhone exceeded expectations.