The S&P/TSX composite index surged ahead more than 150 points Monday closing above 12,000 for the first time in six weeks, as commodity stocks rallied.

The TSX benchmark jumped 152.97 points, or 1.3%, to 12,061.54, after a strong 1.8% gain last week.

The TSX energy sector led the broader market, climbing 3.6% as the November crude contract on the New York Mercantile Exchange surged $1.37 to US$59.94 a barrel.

OPEC meets Thursday to discuss production quotas.

EnCana Corp. rose $2.75 to $55 and Petro Canada moved up $1.43 to $47.27.

The mining sector was up 1.5%. Teck Cominco Ltd. rose $2.23 to $80.25 and Aur Resources moved up 41¢ to $19.86.

The gold sector was 0.9% ahead as the December bullion contract in New York rose $5.80 to US$598.50.

The junior S&P/TSX Venture Exchange gained 28.83 points to 2,422.18.

The Canadian dollar was up 0.02 of a cent to US87.94¢ as Statistics Canada reported that manufacturing shipments declined slightly in August from their highest level in 2006.

In New York, the Dow Jones industrial average set a fresh record close.

The Dow was up 20.09 points, or 0.17%, to end at a record 11,980.60. The S&P 500 was up 3.43 points, or 0.25%, at 1,369.05. The Nasdaq composite index as up 6.55 points, or 0.28%, at 2,363.84.