Toronto stocks moved higher Wednesday, bouncing back somewhat after yesterday’s retreat, as gains in energy stocks and the information technology sector offset losses in materials and gold.

The S&P/TSX composite index gained 39.08, or 0.35%, to 11,332.32. Yesterday, the market dropped back 78.30.

Six of the 10 TSX main sub-groups closed higher on the session.

The energy sector moved up 1.07%

The front-month contract for light sweet crude gained 27¢ to finish at $72.19 a barrel on the New York Mercantile Exchange.

Imperial Oil Ltd. advanced 84¢, or 2.23%, to $38.59.

The materials sector was off 0.40%, while the gold sub-sector fell 0.46%.

Though gold futures contract moved up early in the session, it then dropped to close down $3.40 at US$581.

Glamis Gold Corp. moved back 38¢, or 0.97%, to $38.60.

The information technology index gained 1.40%.

Nortel Networks gained 10¢, or 4.27%, to $2.44 on heavy trading. Yesterday the company announced 1,900 job cuts and a restructuring of the firm’s pension plan that’s intended to reduce costs.

The Canadian dollar was up 0.02 of a cent to US89.1¢.

The S&P/TSX Venture Exchange index fell 9.46, or 0.37%, to 2,539.72.

In New York, investors cautiously bought back into the market after recent losses fuelled by inflation and interest rate concerns.

The Dow Jones Industrial Average closed up 48.82 points at 10,973.56. The S&P 500 rose 6.80 points to 1,246.00, while the Nasdaq Composite gained 11.59 points to 2,111.84.