Toronto stocks powered higher on Thursday, as an afternoon rally in financials stocks offset a selloff in commodities.

The S&P/TSX composite index closed up 128.77 points, or 0.92%, at 14,065.81 after hitting a session low of 13,846.57.

The influential financials group jumped 2.2%.

CIBC shares rose $2.58, or 3.5%, to $76.75, and TD Bank added $2.00, or 3%, to $68.11.

The energy and materials groups remained the two sectors on the downside, falling 1.2% and 0.1% respectively as weaker commodity prices weighed.

Imperial Oil slid $1.14, or 1.9%, to $58.28 after it said first-quarter profit dropped amid weak refining results and plant outages.

Among individual stocks, autoparts maker Magna International reported first-quarter profit that beat analysts’ expectations and upped its sales outlook for the year. Shares of Magna surged $5.85, or 7.9%, to $80.10.

Loblaw Cos advanced $1.34, or 4.2%, to $33.17 a day after it reported higher earnings. Shares of George Weston, which has a majority ownership in Loblaw, gained $2.45, or 5.1%, to $50.95, and helped propel the consumer staples group up 3%.

The junior S&P/TSX Venture composite index gained 8.85 points, or 0.36%, to close at 2,463.91.

The Canadian dollar tumbled 1.18¢ to US98.11¢, battered by declines in the price of oil and a resurgent U.S. dollar.

U.S. stocks rose as a rebound in the dollar and retreating oil prices calmed fears about inflation.

The Dow Jones industrial average shot up 189.87 points, or 1.48%, to 13,010.00. The S&P 500 surged 23.75 points, or 1.71%, to 1,409.34. The tech-heavy Nasdaq composite index climbed 67.91 points, or 2.81%, to 2,480.71.