Toronto stocks ended sharply higher on Wednesday, boosted by resource issues.

The S&P/TSX composite index jumped 135.19 points, or 1%, at 13,859.52, making up for its 108.49-point loss the previous session.

All of of the index’s 10 main sectors were higher, led by a 1.6% rise in the resource-laden materials group and a 0.9% jump in energy shares.

The financial group rose 1.1%.

Shares of aluminum producer Alcan rose 74¢, or 0.8%, to $88.47, while Teck Cominco soared $1.86, or 4%, to $47.85.

Earlier on Wednesday, Alcan said it was considering its alternatives to a US$28.4 billion hostile takeover offer from U.S.-based Alcoa.

Energy shares got a boost from higher crude prices after U.S. inventory data showed gasoline stockpiles below normal at the start of the summer driving season. U.S. crude for July delivery rose 91¢ to settle at US$66.26 a barrel.

Canadian Natural Resources jumped $1.20, or 1.7%, to $70.68, while EnCana climbed 82¢, 1.2%, to $67.06.

In financials, Bank of Nova Scotia gained $1.07, or 2.1%, to $52.99, while Royal Bank of Canada rose 71¢, or 1.3%, to $57.06.

Mortgage rates are rising for the fourth time in four weeks as the cost of borrowed money increases.

RBC Royal Bank and Bank of Montreal announced Wednesday they would be boosting their mortgage rates by up to a fifth of a percentage point.

The junior S&P/TSX Venture composite index slipped 3.03 points, or 0.1%, to 3,126.89.

The Canadian dollar was up up 0.03 cents to US93.77¢.

The loonie has risen higher than economic factors alone can explain, Bank of Canada governor David Dodge said today in St. John’s.

In New York, U.S. stocks soared as bond yields slipped, while signs of strength in the economy reassured investors.

The Dow Jones industrial average posted its best day since July after data signaled strength in U.S. consumer spending and a Federal Reserve report showed no increase in wage pressures while the economy grew last month.

The Dow surged 187.34 points, or 1.41%, to end at 13,482.35. The S&P 500 index gained 22.67 points, or 1.52%, to finish at 1,515.67. The Nasdaq composite index jumped 32.54 points, or 1.28%, to close at 2,582.31.

It was the best day for the S&P 500 and the Nasdaq in nearly three months.