The S&P/TSX composite index moved up Wednesday, extending the current positive streak to a fifth straight session, and closing above the 12,000-point plateau for only the second time in its history.

The TSX benchmark gained 82.38 points, or 0.69%, to finish 12,055.63, its highest close since February 6, when the benchmark index closed at a record high of 12,080.53.

Eight of the 10 TSX main sub-groups were up, with the energy sector gaining 0.75%

The crude oil futures contract closed down 93¢ at US$62.17 a barrel on the New York Mercantile Exchange, as the U.S. inventory reports showed a rise in crude levels, but a decline in gas and distillates levels.

Suncor gained 12¢, or 0.14%, to $88.00.

Gold for April delivery closed at US$554.40, up $1.40.

The Wall Street Journal reported The Bank of Nova Scotia has been recruited by New York private-equity firm Kohlberg, Kravis & Roberts in its bid for a majority stake of General Motors Acceptance Corp.

Grocery store operator Sobeys Inc. posted third-quarter profits of $45.7 million, up 2% from a year-ago $44.8 million.

Transcontinental Inc., the parent company of Investment Executive, said will boost its dividend 18 per cent to 6.5 cents a share effective in the second quarter, despite reporting a lower profit. Transcontinental shares rose 80¢ to $18.50.

The S&P/TSX Venture Exchange index closed up 31.47 points, or 1.21%, at 2,624.32.

On Wall Street, the Dow Jones industrial average rose 58.43 points to 11,209.77, its best close since May 2001. The S&P 500 Index climbed 5.54 points to end at 1,303.02, which was also its best close in nearly five years. The tech-heavy Nasdaq composite index climbed 15.94 points to 2,311.84.

In economic news, U.S. manufacturing shipments posted a 0.7% decline in January, where economists had expected a climb of 0.4%.

Also, the U.S Federal Reserve reported that overall economic activity continued to expand into early March, despite the housing market showed indications of cooling.