Toronto stocks rallied Tuesday, establishing a new market record, on higher oil and gold prices and indications from the U.S. Federal Reserve that its current cycle of rate hikes might finally be coming to an end.

The S&P/TSX composite index gained 137.77, or 1.12%, to 12,446.79. That handily beat the previous intraday record of 12,352 set on April 6.

Nine of the 10 TSX main sub-groups were up, with only utilities, down a meager 0.11%, not getting in on the party.

The key energy index rose a very strong 2.02%. Crude futures rose 95¢ to end at a record high of US$71.35 a barrel on global instability worries.

EnCana Corp. gained $1.93, or 3.47%, to $57.51.

The gold sub-index moved up 0.71% and as bullion futures set a new 25-year high. The benchmark June contract rose $4.50 to US$623.30 an ounce.

Barrick Gold Corp. gained 14¢, or 0.41%, to $34.69.

The Canadian dollar gained two-fifths of a cent to US87.71.


The S&P/TSX Venture Exchange index gained 14.53, or 0.47%, to 3,105.84.

In New York, stocks shot up after the minutes of a Fed meeting, indicating that most members are in favour of ending the central bank’s cycle of rate hikes, was released.

The Dow Jones Industrial average rose 194.99 points, or 1.8% to 11,268.77. The Nasdaq composite index gained 44.98 points, or 2% to 2,356.14, while the S&P 500 rose 22.32 points, or 1.7% to 1,307.65.