Toronto stocks built on yesterday’s strong rally with resource issues again pacing the market, and the dollar hit a new high.

The S&P/TSX composite index moved up 59.90, or 0.52%, to 11,501.48, the benchmark’s second record closing high in as many days.

Volume on the senior exchange was 298 million shares.

Seven of the 10 TSX main sub-groups were up, with materials sector up 1.34%. The February contract for gold on the New York Mercantile Exchange moved $3.10 higher to US$535.60 an ounce.

Bema Gold Corp. gained 18¢, or 5.04%, to $3.75.

The energy sector gained 0.78%.

Light, sweet crude for February delivery closed up 28¢ at US$63.42 a barrel. EnCana Corp. fell 77¢, or 1.43%, to $53.10.

The financial sector advanced 0.33%.

Scotiabank announced plans to buy back up to 50 million of its shares in 2006, representing 5% of the common stock. The bank’s shares gained 17¢, or 0.36%, to $46.92.

In economic news, Statistics Canada said the industrial product price index was down 0.6% in November from October. The raw materials price index fell 1.7% in November from October.

The Canadian dollar finished up 0.67 of a cent to US87.21¢, its highest close since mid-1991.

The S&P/TSX Venture composite index finished down 0.99 of a point at 2,273.48.

On Wall Street, U.S. stocks rallied for a second day lifted by gains in technology shares.

The Dow Jones industrial average closed 32.74 points higher at 10,880.15. The Nasdaq composite rose 19.72 points to 2,263.46, while the S&P 500 Index ended up 4.66 points at 1,273.46, marking its highest closing level since mid-2001.

Shares of Google Inc. advanced 2.3% to US$445.24 after Bear Stearns & Co. raised its rating on the stock.