Toronto stocks rallied today largely on the strength of the materials and financials sectors — despite the fact U.S. markets were closed for Independence Day festivities.

The S&P/TSX composite index climbed 120.32, or 1.04%, to 11,733.19 on much lower than average volume.

Nine of the 10 TSX main sub-groups rose with only telecommunications services not joining the party. It slipped 0.39%.

The financials sector added 1.30% as most Canadian financial institutions put in a strong session. Bank of Nova Scotia shares rose 47¢, or 1.06%, to $44.69.

The materials index advanced 1.40% despite a drop in the price of bullion. Gold futures dropped $2.40 to US$621.80 US an ounce. Kinross Gold Corp. gained 21¢, or 1.73%, to $12.38.

The energy sector also made gains, rising 0.70%, despite a drop in the price of oil. Brent crude for August delivery was down 80¢ to US$72.59 in London on the ICE Futures exchange. Canadian Natural Resources Inc. moved up 63¢, or 1.02%, to $62.35.

The Canadian dollar shot up 0.76 of a cent to US90.35¢.

The S&P/TSX Venture Exchange index gained 29.42, or 1.12%, to 2,604.62.