Toronto stocks were up sharply Wednesday, setting a fresh record high, on continued strength in the resource sectors.

The S&P/TSX composite index rose 89.83 points , or 0.71%, to 12,757.99, after reaching an intraday high of 12,782.55.

In the past two sessions, the market has gained 227.12.

Seven of the 10 TSX main groups were up, with the materials sector surging 2.36%, and the gold sub-group gaining 4.67%.

Gold futures rose $11.40 to close at US$646.90 an ounce on recent weakness in the U.S. dollar.

Eldorado Gold Corp. gained 34¢, or 5.52%, to $6.50.

The energy index was up 0.93%. Light, sweet crude for January delivery closed up 67¢ at US$63.13 a barrel.

Units of Arc Energy Trust gained 84¢, or 3.77%, to $23.10.

The information technology sector gained 2.32%, rebounding from a negative day in yesterday’s session. Research in Motion Inc. gained $6.22, or 4.08%, to $158.75.

Financials dipped lower 0.24%. Royal Bank of Canada reported a yearly profit of $4.73 billion, the highest ever reported by a Canadian bank, but scaled back its growth projections for the upcoming year. RBC stock dropped 18¢, or 0.34%, to $53.28.

The S&P TSX Venture composite index gained 70.17 points, or 2.54%, to 2,831.48.

In New York, markets were mixed and little changed, as the market rebounded from early losses, fuelled by negative economic data, to end stronger on some encouraging corporate earnings outlooks.

The Dow Jones industrial average closed down 4.80 points to 12,221.93 after dropping to a low of 12,162 during the session.

The S&P 500 rose 1.17 to 1,400.65, while the Nasdaq composite index ended essentially flat, off 0.46 of a point to 2,431.77.