The S&P/TSX composite index finished higher on Thursday, boosted by a rally in oil prices and Astral Media $1.08 billion takeover of Standard Radio.

The Toronto Stock Exchange’s benchmark index ended a two-day losing streak and closed up 98.66 points, or 0.7%, at 13,499.65, a record closing high.

All but one of the 10 TSX main groups were higher. The information technology sector lost 1.6% on a big drop in Research In Motion Ltd. shares after the release of the company’s earnings.

RIM shares tumbled $14.31, or 8.6%, to $152.15.

The BlackBerry maker reported a sharply higher quarterly profit after the market close on Wednesday, but also said an informal inquiry by the U.S. Securities and Exchange Commission into past stock-option grants has been upgraded to a formal investigation.

The TSX oil and gas group gained a hefty 2.7% on a 3%, or US$1.84, rise in U.S. crude to US$63.85 a barrel.

Suncor Energy gained $3.39, or 3.8%, to $93.30, while EnCana rose $1.29, or 2.2%, to $61.09.

Astral Media said on Thursday it has agreed to buy privately held radio broadcaster Standard Radio, a deal that would create the largest radio broadcaster in Canada. Class A shares of Astral closed up $1.17, or 2.8%, at $42.75.

The junior S&P/TSX Venture composite index rose 12.36 points to 3,264.81.

The Canadian dollar was up 0.41 of a cent to US88.14¢, new high for the year.

In New York, U.S. stocks rose as MedImmune put itself up for sale, lifting the biotech sector, and strong retail sales data relieved fears about consumer spending.

Retail stores warned that April sales could slow, But March sales were better than expected and relieved concerns about consumer spending.

The Dow Jones industrial average gained 68.34 points, or 0.55%, to end at 12,552.96. The S&P 500 rose 8.93 points, or 0.62%, to 1,447.80. The tech-heavy Nasdaq composite index climbed 21.01 points, or 0.85%, to 2,480.32.