North American stocks powered ahead Thursday, setting fresh all-time records, as optimism over the economy had investors in a bullish mood.

The S&P/TSX composite index rose 110.62 points, or 0.85%, to 13,144.74, besting the record close it set in the previous session.

Nine of the 10 TSX main sub-groups were up, with the senior exchange pulled ahead by financials and materials.

The financials group gained 1.01%.

Great-West Lifeco Inc. gained 35¢, or 1.01%, to $34.84 after it announced it struck a deal to purchase U.S.-based Putnam Investments Trust for $4.6 billion.

Bank of Montreal gained 43¢, or 0.61%, to $70.44 after making an announcement it would be cutting 1,000 jobs in an effort to boost performance.

The energy sector moved up 0.59%, despite a drop in the price of oil. Light, sweet crude for March delivery fell 84¢ to close at US$57.30 barrel.

Canadian Natural Resourcs Inc. moved up 36¢, or 0.61%, to $59.20.

The materials sector jumped 1.33%, while the gold sub-sector gained 1.06%.

Gold futures rose $5.70 to close at US$657.40 an ounce.

The Canadian dollar dipped 0.13 of a cent to US84.83¢.

The S&P TSX Venture composite index shot forward 45.93, or 1.56%, to 2,986.21.

In New York, the Dow Jones industrials climbed 51.99 points to 12,673.68, a new record high.

The Nasdaq composite index gained 4.45 points to 2,468.38 while the S&P 500 group moved ahead 7.70 points to 1,445.94.