Toronto stocks rallied Monday, pushed forward by resource stocks and amid expectations that the federal election will result in the first Conservative government in Canada in 12 years.

The S&P/TSX composite index rose 127.70, or 1.10%, to 11,733.37. That’s a new record close for the benchmark index.

Volume on the senior exchange was 368 million shares.

Nine of the 10 TSX main sub-groups were up. The energy index gained 2.65%.

Light, sweet crude for March delivery dipped 38¢ to US$68.10 US a barrel.

Suncor Energy Inc. gained $2.49, or 2.97%, to $86.23.

The futures contract for gold lifted $4.70 to US$558.70 an ounce. The materials sector gained 1.19%.

Eldorado Gold Corp. gained 10¢, or 1.90%, to $5.36.

The information technology sector fell 1.57%.

Shares of Research in Motion fell $3.00, or 3.92%, to $73.50. The U.S. Supreme Court refused to hear an appeal from RIM in the long-running battle over patents its BlackBerry product.

Statistics Canada reported retail sales grew at 1.1% in November to a record high of $31.3 billion. Excluding vehicle sales, retail sales edged up 0.1 per cent from October.

The Canadian dollar was up 0.26 cent at US87.01¢.

The S&P/TSX Venture Exchange index finished up 36.43, or 1.50%, to 2,459.55.

In New York, the markets bounced back somewhat from Friday’s session, where the Dow Jones industrial average fell 1.96%, but mixed corporate earnings news in the financials sector kept gains modest.

The Dow finished ahead 21.38 points to 10,688.77, the Nasdaq composite index nudged ahead 0.77 of a point to 2,248.47, while the S&P 500 was up 2.33 to 1,263.82.

In corporate news, Ford Motor Co. unveiled plans to close 14 factories in North America and cut between 25,000 and 30,000 jobs.

In Canada, Ford will cut the St. Thomas, Ont., assembly plant to one shift, eliminating 1,200 jobs. As previously announced, Ford’s Windsor, Ont., casting plant will be closed.