Toronto stocks were up Thursday, reaching a new record high close, powered by the materials sector and a strong day in financials.

The S&P/TSX composite index moved up 25.88, or 0.20%, to 12,915.72.

Seven of the 10 TSX main sub-groups were up, with the financials sector gaining 0.75%.

The Canadian dollar moved 0.09 of a cent lower to US87.04¢

CIBC Financial Group gained $2.55, or 2.76%, to $94.80 as the country’s fifth largest bank reported net earnings of $2.6 billion for 2006, after posting a $32 million loss in 2005 after absorbing a $2.5 billion dollar after-tax hit on an Enron-related settlement deal.

The energy sector fell 0.45%. Light, sweet crude futures closed up 30¢ at US$62.49 a barrel.

Husky Energy Inc. fell $1.31, or 1.65%, to $78.22.

The materials sector gained 0.58%, while the gold sub-sector was up 1.14%.

Gold futures gained $1.10 to close at US$637 an ounce.

Kinross Gold Corp. gained 26¢, or 1.83%, to $14.48.

The S&P TSX Venture Exchange fell 9.31, or 0.33%, to 2,808.35.

In New York, markets moved lower for the second-straight session and investors reacted to negative corporate news.

The Dow Jones Industrial Average fell 30.84, or 0.25%, to 12,278.41, the Nasdaq moved lower 18.17, or 0.74%, to 2,427.69, and the S&P500 dipped 5.61, or 0.40%, to 1,407.29.