North American markets closed modestly higher Tuesday, as technology and gold issues lifted Toronto stocks. The S&P/TSX composite index closed up 21.75 points at 7,121.02.

Technology issues led with a gain of 1.92%. The materials group rose 2.09% while gold-mining stocks surged 3.6% higher as spot gold prices rose more than 1% in New York.

Nortel Networks rose 19¢ to $4.17, while Celestica gained 40¢ to finish at $22.35.

Among gold stocks, Barrick Gold rose 72¢ to $25.35, while Kinross Gold shares climbed 43¢ to $16.43.

Among individual movers, Biomira Inc. shares plunged 62.6%, or $3.35, to $2.00 following news its phase III trial on breast cancer vaccine failed to meet key targets for disease progression and overall survival.

The TSX Venture Exchange slipped 4.03 points to 1,115.54.

In New York, stocks rose slightly on Tuesday, with major market gauges posting their highest closes so far this year, after encouraging data on inflation renewed investor optimism.

The Dow Jones industrial average edged up 4.06 points to finish at 9,323.02, The broader S&P 500 gained 0.94 point to 1,011.68. The tech-heavy Nasdaq composite index advanced 1.86 points to 1,668.44.

The U.S. government said an increase in lodging and housing costs pushed the core U.S. inflation rate up 0.3% n May — its fastest growth rate in nine months — in a report that soothed deflation fears.

The Canadian dollar rose against the U.S. dollar as investors looked ahead to remarks by Bank of Canada Governor David Dodge on Wednesday. The loonie finished at US74.69¢, compared with U74.45¢ at Monday’s close.