Toronto stocks shot ahead Tuesday, making up much of the losses of the previous two sessions, as investors cheered strong corporate news.

The S&P/TSX composite index rose 172.41, or 1.29%, to 13,578.74

Nine of the 10 TSX main sub-groups were up.

The energy index gained 1.49%, despite another big drop in the price of oil. Light, sweet crude for June delivery fell $1.13 to US$63.68. Oil has lost $2.44 in the last two days.

Husky Energy Inc. gained $1.31, or 1.55%, to $85.56.

The materials index gained 2.19%, while the gold sub-index gained 2.53%.

Gold futures fell $2.20 to US$675.10 an ounce.

Centerra Gold Inc. gained 21¢, or 1.90%, to $11.26.

Information technology gained 2.68%.

Nortel Networks gained $2.21, or 8.63%, to $27.81.

The S&P TSX Venture Exchange rose 35.24, or 1.09%, to 3,262.34.

In New York, markets rallied on strong corporate and economic news.

The Dow Jones industrial average gained 75.74, or 0.58%, to 13,211.88, a fresh record high. The Nasdaq composite index gained 26.31, or 1.04%, to 2,557.84, and the S&P500 gained 9.62, or 0.65%, to 1,495.92.