Toronto stocks shot ahead Tuesday, continuing to regain ground lost in last week’s selloff, as strength in the financials and materials sectors muscled the market ahead, despite falling oil prices.

The S&P/TSX composite index gained 128.37 points, or 0.98%, to 13,238.71.

Eight of the 10 TSX main sub-groups closed higher.

Financials surged 1.41% as investors turned optimistic ahead of the start of third-quarter earnings announcements.

Bank of Nova Scotia gained 77¢, or 1.55%, to $50.44.

The energy index dropped 0.59% as the price of oil fell. Light, sweet crude moved back $1.65 to close at US$69.47 a barrel.

EnCana Corp. fell 23¢, or 0.37%, to $61.41.

The materials sector gained 2.13%, while the gold sub-sector gained 1.16%.

Gold for December delivery fell 30¢ to end at US$666.20 an ounce.

Kinross Gold gained 16¢, or 1.33%, to $12.21.

The S&P TSX Venture composite index shed 17.61 points, or 0.69%, to 2,530.84.

The Canadian dollar moved down 0.85 of a cent to US94.02¢.

In New York, markets ended mixed as investors remained cautious in the context of current credit concerns.

The Dow Jones industrial average lost 30.49 points, or 0.23%, to 13,090.86, the Nasdaq gained 12.71, or 0.51%, to 2,521.30, and the S&P 500 ticked up 1.57, or 0.11%, to 1,447.12.