Strong energy prices fueled a rise in energy stocks Tuesday, particularly for Encana Corp. Those gains helped to offset gold-mining losses and drive the S&P/TSX composite index up 70.28 points, or 1.01%, to close at 7,042.70.

Energy shares finished the session ahead 1.6%. Encana shares rose $1.40, or 2.8%, to $52, while Comptom Petroleum added 7¢, or 1%, to close at $6.15.

Technology issues also staged a decent rally today, adding to recent gains. The spur came from Nokia Corp. when it reported that its earnings outlook was on track.

The benefit of Nokia’s announcement spread to Nortel Networks Corp., which added 8¢, or 1.9%, to finish the session at $4.35. Celestica Inc. moved up 69¢, or 3.3%, to $21.49.

Golds were the downers today. Gold stocks fell 1.5% with the falling price of bullion as investors were lured out of gold’s safe harbour by mild strength in the U.S. dollar.

Barrick Gold Corp. slipped 38¢, or 1.5%, to C$24.31, while Kinross Gold shed 19¢, or 2%, to close at $9.08.

The junior TSX Venture Exchange lost 5.77 points to 1,098.18.

Energy prices were also an issue south of the border today, as U.S. Federal Reserve Chairman Alan Greenspan warned of their potential impact on the fragile American economy.

Despite his gloom and doom, though, stocks ended higher. Investors were comforted by an encouraging forecast from Micron Technology Inc., one of the world’s biggest makers of computer memory chips. Micron announced that its fiscal third-quarter production is running slightly above forecasts.

The Dow Jones industrial average ended 74.89 points higher, or 0.83%, at 9,054.89. The S&P 500 rose 8.91 points, or 0.91%, to 984.84. The Nasdaq composite index added 23.7 points, or 1.48%, at 1,627.67.

All three gauges fell on Monday, putting the brakes on a nearly three-month-old rally.

The Canadian dollar slipped 0.15 of a cent to US73.42¢ as the American dollar strengthened.