Equities continued their rally on Thursday, sending the benchmark index of the Toronto Stock Exchange up more than 3%, with particular strength in energy and financial stocks.

The S&P/TSX composite index advanced 271.25 points, or 3.4%, to close at 8,282.27.

The financials group surged 5.6%.

Shares of Manulife Financial Corp. soared $1.47, or 13.1%, to close at $12.70 and Sun Life Financial Inc. jumped $2.04, or 11.4%, to $19.96.

Bank of Montreal shares gained 6.1% to $31.93 and CIBC was up 4.9% to $43.96.

Royal Bank of Canada advanced 4.3% to $35.00 and Toronto-Dominion Bank shares rose 3.4% to $41.10.

Also sharply higher was Power Corporation of Canada, up $1.16, or 6.9%, to $18.10.

Energy stocks also rose sharply higher, gaining 5% as oil futures jumped ahead. Crude oil for April delivery gained US$4.70, or 11.1%, to end at US$47.03 a barrel on the New York Mercantile Exchange.

Within the heavyweight group, Suncor Inc. surged $1.91, or 6.3%, to close at $32.27.

Canadian Natural Resources Ltd. rose 7% to $48.01 and Petrobank Energy and Resources Ltd. advanced 8% to $21.67.

Other gainers included Nexen Inc., up 4.7% to $18.63, and Talisman Energy Inc., higher by 5.9% to $12.99.

The materials group rose 1.7%, helped by growth in gold futures. Gold for April delivery rose US$13.30, or 1.5%, to end at US$924 an ounce on the Comex division of the New York Mercantile Exchange.

The sub-gold index rose 3.2%.

Barrick Gold Corp. advanced 4.5% to $36.94 and First Quantum Minerals Ltd. increased 2.7% to $34.85.

Shares of Teck Cominco Ltd. jumped 8.7% to $5.00.

Lower for the day was Agrium Inc., down $1.43, or 3%, to $46.30.

The S&P/TSX Venture composite index gained 19.52 points, or 2.4%, to close at 843.42.

The Canadian dollar moved higher by 0.43¢ to close at US78.18¢.

In New York, U.S. stocks also enjoyed hefty gains on Thursday, carried by big gains for financial stocks. Investors were also relieved to see that February retail sales fell less than forecast, suggesting a possible bounce back by consumers.

The Dow Jones industrial average gained 239.66 points, or 3.5%, to end at 7,170.06.

The S&P 500 index added 29.38 points, or 4.1%, to close at 750.74.

The Nasdaq composite climbed 54.46 points, or 4%, to end at 1,426.1.

IE