Toronto stocks ended higher for an eighth straight session as rising commodity prices boosted the energy and materials issues.

The S&P/TSX composite index rose 61.39 points, or 0.71%, to 8,690.49, off its session high. It was the eighth straight higher close for benchmark index. The index is now up 16% from the five-year low hit two weeks ago.

Four of the TSX’s 10 sectors ended higher, led by a 4.5% gain in the materials group, which includes gold and base metal miners, and the energy sector’s 4.28% rise.

Crude oil shot up to US$51.61 a barrel, up $3.47, on the New York Mercantile Exchange.

In Toronto, shares of Suncor Energy shot up 7% to close at $33.40, while EnCana Corp. jumped 4.8% at $53.02.

Shares of gold miners rallied as the price of gold surged to $958.80 an ounce, up nearly $70 from Wednesday’s low, on inflation concerns over the U.S. Federal Reserve’s plan to spend US$300 billion on long-dated Treasuries.

Goldcorp shares rose 5.78% to $41.89, while Barrick Gold Corp ended up 3.79% at $41.36.

Limiting the TSX’s latest gain was a 2.87% drop by the financial sector.

Royal Bank of Canada fell 2.7% to $35.40, while Toronto-Dominion Bank dropped 3% to $41.73.

The junior S&P/TSX Venture composite index soared 37.86 points, or 4.37%, to close at 903.57.

The Canadian dollar rose 0.64¢ to finish at US80.80¢.

In New York, U.S. stocks fell on concerns over the implications of the Fed’s action to pump another US$1 trillion into the financial system and a plan to expand its consumer and small business lending program.

The Dow Jones industrial average fell 85.78 points, or 1.15%, to 7,400.80. The S&P 500 dropped 10.31 points, or 1.30%, to 784.04. The tech-heavy Nasdaq composite index slid 7.74 points, or 0.52%, to 1,483.48.

IE