Rising oil prices gave the TSX a boost, helping stocks end the week on a positive note, while Wall Street rallied on favorable regulatory drug-related decisions to finish in the black as well.

At market close Friday, the S&P/TSX was up 39.49 points or 0.41% to 9658.75, for a gain of 1% on the week. The TSX Venture Exchange jumped 21.68 points or 1.13% at 1941.17. On Wall Street, the Dow industrials gained 30.96 points or 0.29% at 10785.22, for a slight loss of 0.1% on the week. The Nasdaq composite closed down 2.72 points or 0.13% to 2058.62 while the S&P 500 index was up 0.84 of a point or 0.07% at 1201.59.

The Canadian dollar was trading at US81.18¢ late in the session, down 0.27 of a cent. The C$ was hit by a strengthening U.S. dollar which was up on the release of U.S. producer price index data. It showed wholesale prices rose 0.3% in January following a 0.3% decline in December

In Toronto, the TSX energy group jumped 1.6% to lead all sectors. The energy sector is up about 15% since the start of the year thanks to continuing high energy prices.

On Friday, crude-oil futures closed higher, with traders playing off expectations for colder weather and the potential for an OPEC production cut. Crude for March delivery ended up 81¢ at US$48.35 a barrel.

Elsewhere on the TSX, financials were up slightly, 0.03%, while gold shares slipped 0.42% despite the fact gold futures turned higher in late-session trading.

In New York, the late-day rally was led by Pfizer and Merck, which received favorable regulatory decisions concerning a controversial class of painkillers.

Merck was the Dow’s biggest percentage gainer, shooting up more than 13% to US$32.61 after an FDA panel voted to allow its arthritis treatment Vioxx to remain on the market. Pfizer shot up 6.94% to US$26.80, as the same FDA panel voted to continue to permit sales of its Celebrex painkiller.