Toronto stocks closed modestly higher in a lightly traded session Thursday as investors looked ahead to the Canada Day weekend. The S&P/TSX composite index closed up 20.78 points at 6,999.40.

With domestic markets closed on July 1 for Canada Day and U.S. markets shut on July 4 for Independence Day, markets are expected to remain in holding pattern.

Toronto’s gains were led by the health-care sector, which rose 4.15%. Biovail shares jumped $4.69 to $66.50 after the company said the U.S. Food and Drug Administration issued an approvable letter for its new antidepressant drug.

Information technology stocks rose 0.87%, while golds, telecoms and financial services gave a late-day boost to the market.

Energy stocks slipped 1.33% as oil prices fell after news of a record rise in U.S. natural gas inventories eased concern about tight supplies.

The S&P/TSX Venture composite index closed up 1.49 at 1,106.60.

Trading was heavy on a volume of 43.4 million shares worth $17.4 million, with 200 advances, 218 declines and 495 issues unchanged.

In New York, stocks rose as investors digested some encouraging data on the labor market. A flurry of positive brokerage calls also whetted investors’ appetites, especially for technology companies’ shares.

The tech-heavy Nasdaq composite index rose 31.35 points to1,634.01. The blue-chip Dow Jones industrial average added 67.51 points to 9,079.04, while the S&P 500 Index gained 10.49 points to 985.81.

The Canadian dollar slipped, as the U.S. greenback rode the aftershocks of the U.S. Federal Reserve’s smaller-than-expected rate cut. The loonie finished at US73.75¢, down from US74.31¢ at Wednesday’s close.