Toronto stocks shot higher Wednesday, establishing a new record close, on the strength of higher oil and gold prices.

The S&P/TSX composite index gained 141.79 points, or 1.18%, to 12,190.58, surpassing its most recent closing high last Friday by 79 points.

All 10 TSX main sub-groups were up.

The materials index was up 2.53%. Gold for April delivery rose $6.30 to close at US$573.30 an ounce.

Barrick Gold Corp. gained 92¢, or 3.03%, to $31.33.

The energy index advanced 1.42%. The benchmark May contract for crude oil closed up 38¢ at US$66.45 a barrel.

Petro Canada rose $1.31, or 2.40%, to US$55.91.

The industrials group moved up 1.33%

Bombardier announced a fourth-quarter profit of US$86 million and a full-year profit of $249 million after posting an $85-million loss in 2004. Its shares rose 54¢, or 20.15%, to $3.22.

The information technology sector gained 2.19%.

ATI Technologies Inc. gained 89¢, or 5.07%, to $18.45.

Meanwhile, CGI Group Inc. lost 54¢, or 6.38%, to $7.93 after announcing it was cutting a thousand jobs in a cost-cutting measure.

The Canadian dollar was down 0.14 of a cent to US85.33 The Canadian dollar was down 0.14 of a cent to US85.33¢.

The S&P/TSX Venture composite index gained 57.28, or 2.05%, to 2,847.43.

In New York, market rallied as investors showed faith in the market despite higher energy prices and yesterday’s hawkish interest rate hike announcement by the Federal Reserve.

The Dow Jones industrial average closed up 61.16 points at 11,215.70, the Nasdaq composite index gained 33.32 points to 2,337.78, the S&P 500 index rose 9.66 points to 1,302.89.