Toronto stocks rebounded on Friday from the previous session’s sharp losses with resource shares leading the way higher.

The S&P/TSX composite index gained 172.67 points, or 1.31%, to end at 13,378.81. Seven of the 10 TSX main sectors advanced.

For the week, the index was off 1%, its seventh negative week in a row.

The materials and energy sectors gained 2.2% and 1.9% respectively on Friday.

The energy sector shrugged off a US$2.23 drop that took the price of crude oil down to US$123.26 a barrel.

In the energy group, Suncor added $2.13 to $55.04, and Petro-Canada was up $1.18 at $47.22.

In the materials group, Potash Corp rose $9.04 to $205.89, and Fording gained $4.46 to $81.86.

Among the session’s losers, Loblaw Cos fell $1.12, or 3.7%, to $29.25 after the supermarket chain failed to beat analyst earnings estimates.

The junior S&P/TSX Venture composite index added 3.40 points, or 0.16%, to end at 2,188.17.

The Canadian dollar slipped 0.61¢ from Thursday’s close to end at US98.08¢.

In New York, U.S. stocks rose as a drop in oil prices, and stronger-than-expected data on consumer spending and housing eased concerns about the health of U.S banks.

The Dow Jones industrial average 21.41 points, or 0.19%, to 11,370.69. The S&P 500 added 5.22 points, or 0.42%, to 1,257.76, while the tech-heavy Nasdaq composite index jumped 30.42 points, or 1.33%, to 2,310.53.

For the week, the Dow fell 1.1% and the S&P 500 dipped 0.2%, while the Nasdaq rose 1.2%.