Stocks extended their rally into May sending the benchmark index of the Toronto Stock Exchange sharply higher on Friday.

The S&P/TSX composite index moved ahead 172.13 points to 9,496.96,

For the week, the index closed down 52.52 points.

The TSX energy sector gained 4% as the June crude contract on the New York Mercantile Exchange jumped US$2.08 to US$53.20 a barrel.

Energy stocks were led higher by Suncor Energy, which rose 7.8% to $32.37, while Talisman Energy climbed 6.4% to $15.91, and Petro Canada gained 5.5% to $39.73.

The materials group rose 2.16%. Teck Resources jumped 11.7% to $13.99, while Lundin Mining (LUN.TO) gained 15.2% to $2.50.

Uranium miner Cameco Corp. said its first-quarter net profit fell to $82 million from $133 million. Its shares advanced $1.75 to $29.15.

The financial sector was flat after the U.S. Federal Reserve said it will release stress test results for the 19 largest U.S. banks on Thursday, three days later than originally scheduled because of disagreements between the banks and regulators.

The junior S&P/TSX Venture composite index added 1.19 points, or 0.122%, to finish at 1,010.17.

The Canadian dollar gained 0.5 of a cent to close at US84.32¢.

In New York, the Dow Jones industrial average gained 44.29 points, or 0.54%, to 8,212.41 points. The S&P 500 rose 4.71 points, or 0.54%, to 877.52. The Nasdaq composite index edged up 1.90 points, or 0.11%, to 1,719.20 points.

The U.S. Institute for Supply Management’s April manufacturing index came in at 40.1, still indicating contraction in the factory sector but far higher than expected.

However, other data showed orders to U.S. factories fell a steeper-than-expected 0.9% in March, while factory shipments dropped for a record eighth consecutive month.

For the week, the Dow rose 1.7%, the S&P gained 1.3% and the Nasdaq ended up 1.5%.

IE