Toronto stocks rallied Friday on strong energy and resources shares.

The S&P/TSX composite index soared 140.5 points, or 0.98%, to close at 14,496.50, a new record.

All but one of 10 TSX main groups advanced.

The heavily weighed energy and resources-laden materials sectors rose 1.5% and 0.62% respectively.

The financials group advanced 0.78%.

Utilities, the sole declining group, dipped 0.1%.

Energy shares rose as the price of U.S. crude broke above US$77 per barrel on speculative buying. EnCana shares rose 71¢, or 1%, to $67.29. Suncor Energy gained $2.22, or 2.3%, to $100.02.

Shares Alcan shares shed 41¢ to $102.34, after posting strong gains earlier in the week when Rio Tinto announced its US$38.1 billion takeover of the aluminum producer.

The junior S&P/TSX Venture composite index climbed 25.28 points, or 0.76%, at 3,330.39.

The Canadian dollar capped off a winning week with a lower close against the U.S. currency on Friday.

The loonie closed US 95.37, down from US95.65 cents at Thursday’s close.

In New York, the S&P 500 climbed to a new record, surpassing levels reached during the Internet bubble.

The Dow crossed 13,900 for the first time and hit a lifetime high for a second straight day as General Electric roughly doubled its 2007 share buyback to US$14 billion.

The Dow Jones industrial average rose 45.52 points, or 0.33%, to end at a record 13,907.25. The S&P 500 gained 4.80 points, or 0.31%, to finish at 1,552.50, also a record close. The tech-heavy Nasdaq composite index advanced 5.27 points, or 0.20%, to close at 2,707.00.

The S&P 500 rose as high as 1,555.10. Its previous record of 1,553.11 was set on March 24, 2000, in the waning days of the Internet bubble.

The Dow hit an intraday record at 13,932.29.

For the week, the Dow ended up 2.2%, the S&P 500 rose 1.4% and the Nasdaq gained 1.5%.