TORONTO, July 7 (Reuters) - Canada's resource-heavy main stock index rose on Thursday, led by commodity shares, as oil and metal prices recovered from steep losses in the last two sessions.

The Toronto Stock Exchange's S&P/TSX composite index ended up 333.51 points, matrix locksmith toronto or 1.8%, at 19,063.17.

Wall Street benchmarks also gained ground as traders leaned in to U.S.

equities after the Federal Reserve hinted interest rate hikes could be tempered if growth suffered.

"You're seeing a bit of a bounce back from oversold levels," said James Telfser, managing partner at Aventine Investment Counsel.

"Commodities are really going to struggle in an environment of growth slowing down, especially if financial conditions are also tightening."

Recession worries have walloped equity markets globally in recent months, as central banks take aggressive measures to tamp down inflation. The Toronto market has fallen 13.7% from its March record high.

Canada's economy is headed for a recession, key cutting combridge economists at Royal Bank of Canada wrote in a note.

Nevertheless, they added they expect the downturn will be moderate and short-lived by historical standards and can be reversed once inflation settles.

Data on Thursday showed that Canada's exports surged in May, mainly on lofty energy prices, helping to drive the trade surplus to a surprise 14-year high.

The energy sector rose 4.5% as oil settled 4.3% higher at $102.73 a barrel, with investors returning their focus to tight supply.

The materials group, which includes precious and base metals miners and fertilizer companies, added 2.5% as copper prices rallied.

Combined, the energy and materials sectors account for 30% of the TSX's market capitalization.

Technology advanced nearly 3%, while heavily weighted financials ended 1.3% higher.

(Reporting by Fergal Smith in Toronto Additional reporting by Bansari Mayur Kamdar in Bengaluru Editing by Matthew Lewis)