Toronto stocks stormed ahead Friday, setting a new record close and breaking through the 14,000-point barrier for the first time in its history.

The S&P/TSX composite index gained 150.69, or 1.09%, to 14,003.82 based largely on strength in the resource sectors and in financials.

The TSX is up 1.7% for the week, and is up 8.5% so far this year.

Nine of the 10 TSX main sub-groups were up.

The energy index gained 2.17%. Light, sweet crude futures rose 44¢ to close at US$62.37 a barrel.

Imperial Oil Ltd. rose 78¢, or 1.77%, to $44.90.

The materials index gained 1.44%, while the gold sub-index gained 1.23%.

Gold futures rose $5.30 to close at US$672.30 an ounce.

Barrick Gold Corp. gained 22¢, or 0.66%, to $33.50.

Financials gained 0.64%. Royal Bank of Canada gained 58¢, or 0.99%, to $59.30.

The Canadian dollar was down 0.08 of a cent to US89.91¢.

The S&P/TSX Venture composite index moved up 23.37 points, or 0.70%, to 3,345.58.

In New York, markets surged on investor optimism that the U.S. Federal Reserve might drop interest rates later this year.

The Dow Jones industrial average gained 111.09 points, or 0.84%, to 13,326.22, the Nasdaq gained 28.48, gained 28.48, to 2,562.22, the S&P 500 moved up 14.38, or 0.96%, to 1,505.85.

For the week, the Dow rose 0.46%, the S&P edged up 0.02% and the Nasdaq fell 0.38%.