Toronto stocks shot up Wednesday, powered by a hot energy sector and strong earnings reports.

The S&P/TSX composite index finished up 194.90 points, or 1.88%, to 10,585.65.

Volume on the senior exchange was 258 million shares.

Nine of the 10 TSX main sub-groups ended higher, with the energy sector gaining a remarkable 4.72%

A barrel of light crude was off 10¢ to settle at US$59.75 on the New York Mercantile Exchange. The U.S. Department of Energy reported crude supplies increased 2.73 million barrels last week.

PetroCanada gained $2.70, or 6.60%, to $43.61, while EnCana advanced $2.03, or 3.72%, to $56.59.

Talisman Energy Inc. reported a third-quarter profit of $430 million, more than three times last year’s figure. Talisman shares gained $2.05, or 3.87%, to $55.05.

Canadian Natural Resources Ltd. reported a third-quarter profit of $151 million, down over 50% from last year. Nevertheless, shares jumped $5, or 10.13%, to $54.35.

The information technology sector lifted 2.40%

Nortel Networks announced a third-quarter loss of US$105 million from US$259 million, still short of analysts’ expectations. Nortel gained 15¢, or 3.99%, to $3.91.

BCE reported a third-quarter profit of $441 million from $82 million a year earlier.

ACE Aviation Holdings Inc., the parent of Air Canada, reported a third-quarter profit of $270 million compared to a loss of $81 million last year. ACE gained 80¢, or 2.50%, to $32.80 on the day.

The December gold contract added $4 to settle at US$464.60 an ounce on the Nymex. Barrick Gold Corp. climbed 53¢, or 1.81%, to $29.85.

The Canadian dollar was down 0.24 cent at US84.84¢.

The junior S&P/TSX Venture composite index finished up 18.46 points, or 0.93%, at 2,003.97.

In New York, lower oil prices and strong corporate results from Time Warner Inc. spurred the market forward.

The Dow Jones industrial average rose 65.96, or 0.63%, to 10,472.73. The S&P500 index moved ahead 12.00, or 1%, to 1,214.76, while the Nasdaq gained 30.26, or 1.43%, to 2,144.31.