The information technology sector rose 0.9% and energy stocks added a gain of 0.6% to help Toronto stocks close higher following a quiet session Thursday.

The S&P/TSX composite index rose 16.34 points to 7,516.95. The TSX Venture Exchange closed up 6.4 points at 1,305.09.

Toronto-Dominion Bank, National Bank of Canada and Laurentian Bank of Canada became the last of the banks to report their third-quarter earnings. All three posted solid profits, with only Laurentian showing a significant drop from last year‚s Q3 gains.

Stocks finished higher in the U.S. following the release of a GDP report. The U.S. Commerce Department released GDP numbers indicating the economy south of the boarder is on the mend. The report says U.S. GDP grew 3.1% in the second quarter of the year, marking the fastest expansion since the third quarter of 2002. The Canadian GDP report is due out Friday.

Another report, from the U.S. Labor Department, indicates that country is still facing a tough labour market. The report says the number of people claiming jobless benefits rose last week to 394,000 from 391,000 in the prior week.

The Dow Jones industrial average rose 42.87 points to 9,376.66. The Standard & Poor’s 500 Index added 6.11 points to close at 1,002.90. And the Nasdaq Composite Index jumped 18.05 points to 1,800.18.

Market volumes are expected to stay subdued on Friday, ahead of the Labor Day holiday weekend.