Toronto stocks posted strong gains Friday. The S&P/TSX composite index closed up 72.61 points at 6,321.40. For the week, however, the TSX fell 1.3%.

Friday’s broad gains were led by a 2.5% jump in information technology stocks and a 1.3% climb in the financial index.

Tech bellwhether Nortel Networks gained 4¢ to $1.94, while ATI Technologies added 46¢ to $10.41.

Among bank stocks, Scotiabank rose $1.02 to $46.90, after declining from the $49 level this week following a report that the Prime Minister’s Office quashed a planned merger with Bank of Montreal. BMO closed up 51¢ at $38.61.

Royal Bank gained 59¢ to $55 and TD was ahead 61¢ to $29.96.

Gold stocks advanced as the spot price of the precious metal advanced $1 to US$318.60 an ounce. Meridian Gold gained $1.76 to $26.70 and Barrick advanced 80¢ to $24.25.

TSX advances beat declines 584 to 432, with 210 unchanged. Volume came in at 173.9 million shares worth $2.19 billion.

The TSX Venture Exchange advanced 9.41 points to 921.80.

In New York, the Dow Jones industrial average came back from an 88-point decline to close up 120.61 points at 8,517.64.

The Nasdaq rose 30.96 points to 1,360.71. The S&P 500 added 10.27 points at 896.03.

U.S. markets shrugged off today’s release of the U.S. Institute for Supply Management’s manufacturing index. It came in a bit worse than expected, dipping to 48.5 in October from 49.5 in September.

The Canadian dollar finished nearly flat on Friday. The loonie ended the session at US64.20¢, edging down from US 64.21¢ at the previous close.