Toronto stocks rallied Wednesday — on continuing strength in the resource sector, and despite a dip in the information technology index — hitting a new high in the process.

The S&P/TSX composite index gained 137.29, or 1.10%, to 12,668.16, surpassing the old high of 12,644.90.

Seven of the 10 TSX main sub-groups were up, with the energy index up 2.51%.

Crude oil futures closed up $1.36 at US$62.35 a barrel.

Nexen Inc. gained $1.00, or 1.68%, to $60.55.

The materials sector gained 1.92%, while the gold sub-sector was up 1.19%, despite a drop in bullion prices.

Gold for December delivery fell $1.80 US$635.50 an ounce as the U.S. dollar rebounded somewhat from its recent weakness.

Barrick Gold Corp. gained 36¢, or 1.06%, to $34.42.

The information technology sector was off 0.57%. Celestica Inc. lost 10¢, or 0.96%, to $10.34, as the company recently announced a change of CEO.

The Canadian dollar moved down US0.58¢ to close at US87.88¢.

The S&P TSX Venture Exchange gained 36.87, or 1.35%, to 2,761.31.

In New York, markets gained on weak numbers in the housing sector, giving investors hope that interest rates would stay low.

The Dow Jones Industrial Average closed up 90.28, or 0.74% to 12,226.73, the S&P 500 gained 12.76, or 0.92%, to 1,399.48, while the Nasdaq Composite lifted 19.62, or 0.81%, to 2,432.23.