Gromov-Witten theory, Hurwitz theory, and completed cycles

We establish an explicit equivalence between the stationary sector of the Gromov-Witten theory of a target curve X and the enumeration of Hurwitz coverings of X in the basis of completed cycles. The stationary sector is formed, by definition, by the descendents of the point class. Completed cycles arise naturally in the theory of shifted symmetric functions. Using this equivalence, we give a complete description of the stationary Gromov-Witten theory of the projective line and elliptic curve. Toda equations for the relative stationary theory of the projective line are derived.