Toronto stocks rallied Friday, as the market cheered higher resource prices. Meanwhile the Dow Jones industrial average posted a fresh record over strong economic reports.

The S&P/TSX composite index leaped forward 158.91, or 1.27%, to 12,678.81. For the week, the index gained 1.61%

Nine of the 10 TSX main sub-groups were up.

The energy index rose 2.81%

Light, sweet crude for February delivery moved ahead $1.11, or 2.1%, to close at US$52.99 a barrel. For the week, however, the price of oil dropped 5.9%.

Imperial Oil Ltd. gained 88¢, or 2.35%, to $38.40.

The materials index gained 2.05%, while the gold sub-index moved ahead 1.88%.

Gold futures rose $13 to close at US$626.90 an ounce.

Yamana Gold Inc. gained 71¢, or 5.05%, to $14.78.

The financials group moved ahead 0.43%. Bank of Nova Scotia gained 38¢, or 0.75%, to $50.93.

The Canadian dollar was up 0.57 of a cent to US85.56¢.

The S&P TSX Venture Exchange gained 53.72, or 1.92%, to 2,848.02.

In New York, as markets cheered signs of a continuing strong economy, despite a profit warning from Advanced Micro Systems.

The Dow industrials rose 41.10 points to close at 12,556.08, the Nasdaq Composite, meanwhile, lifted 17.97 points to finish at 2,502.82, and the S&P 500 moved forward 6.91 points to 1,430.73.

For the week, the Dow Jones composite index gained 1.3%, the Nasdaq added 2.8%, and the S&P 500 moved ahead 1.5%.

U.S. markets will be closed on Monday in observance of Martin Luther King Jr. Day.