The Toronto stock market finished higher on Wednesday as strength in energy issues offset weak materials shares.

The S&P/TSX composite index closed up 66.47 points, or 0.47%, at 14,219.50 after ending lower in the two previous sessions.

Overall, eight of the 10 TSX main groups were up, led by the energy sector which gained 1.8% after the price of oil rose to a record $89 a barrel.

Crude prices later slid back down to US$87.40 after an OPEC minister said the oil-producing group could not rule out another output hike.

Husky Energy gained $1.68, or 4%, to $43.28 as investors awaited the company’s third-quarter results, to be released after the market close.

Resource issues dropped on profit-taking as gold prices weakened.

The materials sector fell 1.4% while the gold subsector lost 2.8% as spot gold fell to US$754.10 an ounce after earlier rising as high as US$764.60.

NovaGold was down 88¢, or 4.9%, to $17.13 and Barrick Gold lost $1.51, or 3.7%, to $39.74

The junior S&P/TSX Venture composite index slipped 4.95 points, or 0.16%, to 3,009.89.

The Canadian dollar surged 0.46 cent to US102.50¢ as the U.S. greenback fell against other major currencies.

In New York, technology stocks climbed after strong results from bellwether companies Intel and Yahoo, but the broader market was weighed down on concerns about economic weakness and the high oil price.

The tech-heavy Nasdaq composite index was up 28.76 points, or 1.04%, at 2,792.67.

But, the Dow Jones industrial average was down 20.40 points, or 0.15%, to end at 13,892.54, while the S&P was up 2.71 points, or 0.18%, at 1,541.24.

The Federal Reserve said the U.S. economy cooled in the third quarter and uncertainty rose among businesses, according to the Beige Book, a report reflecting data gathered by the Fed’s 12 regional district banks.