Toronto stocks finished higher on Friday, getting a lift from higher commodity prices, positive U.S. economic data, and takeover speculation over Stelco.

The S&P/TSX composite index closed up 62.59 points, or 0.45%, at 14,119.37.

For the week, the benchmark index rose 0.7%, and gained 4.6% in May.

Crude futures jumped more than a dollar.

Talisman Energy advanced 60¢, or 2.8%, to $22.20, while Petro-Canada added $1.13, or 2.1%, to $55.10.

Stelco shares spiked $5.03, or 18.7%, to $31.93 after the steelmaker confirmed that it was up for sale.

Miners piggy-backed on strong base metal prices, lifting the TSX mining sub-sector 0.7%.

The price of gold climbed to a two-week high, boosting Canadian producers such as Goldcorp, which added 1.2% and closed at $26.04.

The junior S&P/TSX Venture composite index gained 33.18 points, or 1.02%, to finish at 3,274.87.

The Canadian dollar breached US94¢ for the first time in nearly 30 years after a stronger-than-expected economic report Thursday.

It closed Friday US94.22¢, up 0.73 of a cent.

In New York, the Dow Jones industrial average and the S&P 500 closed at record finishes, as strong jobs and manufacturing data reassured investors about the health of the U.S economy.

Wal-Mart shares jumped 3.9% after the retail behemoth announced plans for a US$15 billion stock buyback and trimmed its expansion plans.

A government report on job creation in May and the Institute for Supply Management’s gauge of U.S. manufacturing activity both beat forecasts and underpinned the market.

The Dow rose 40.47 points, or 0.30%, to end at a record 13,668.11. The S&P 500 gained 5.72 points, or 0.37%, to finish at a record 1,536.34. The Nasdaq composite index climbed 9.40 points, or 0.36%, to 2,613.92.

For the week, the Dow rose 1.19%, while the S&P 500 gained 1.36% and the Nasdaq rose 2.22%.