North American stocks rallied Wednesday, as the Toronto exchange gained strength on a bounce back in the energy and materials sectors, and the New York markets were spurred ahead by optimism over the strength in the domestic economy.

The S&P/TSX composite index gained 118.99 points, or 0.85%, to 14,081.71, erasing the previous session’s triple-digit loss.

Seven of the 10 TSX main sub-groups moved up.

The energy index gained 1.66%.

Imperial Oil Ltd. gained 60¢, or 1.20%, to $50.50.

The materials index moved up 1.22%, while the gold sub-index gained 0.11%.

Crystallex International Corp. gained 8¢, or 1.72%, to $4.73.

Gold finished down $4.10 to close at US$653.10 an ounce.

Light, sweet crude rose 40¢ to close at US$63.55 a barrel.

The Canadian dollar fell 0.03 of a cent to US93.12¢.

The S&P.TSX Venture composite index fell 25.73 points, or 0.80%, to 3,11.82.

In New York, markets hit all-time highs as investors shrugged off significant losses in Shanghai earlier on Wednesday.

The Dow Jones industrial average gained 111.74, or 0.83%, to 13,633.08, and the S&P500 gained 12.12, or 0.80%, to 1,530.23. Both closes are records.

The Nasdaq composite index gained 20.53 points, or 0.80%, to 2,592.59.