Toronto stocks rallied Wednesday, setting its latest all-time high, with broad gains across the market sectors, especially resources and telecommunications services.

The S&P/TSX composite index was up 125.02, or 1.03%, to 12,299.12, which broke the record set on Monday, 12,210.86. Yesterday, the market closed down 0.30%.

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

The energy index gained 1.40% on the session.

Light, sweet crude futures rose 84¢ to settle at US$67.07 a barrel on the New York Mercantile Exchange. The U.S. Department of Energy reported gasoline inventories fell 4.4 million barrels last week, while crude-oil inventories, rose 2.1 million barrels last week.

Canadian Natural Resources gained $1.73, or 2.61%, to $67.98.

The materials sector gained 2.28%.

Alcan Inc. gained $2.71, or 4.94%, to $57.61.

The front-month contract for gold gained $1.90 to settle at US$594.70 an ounce.

Bema Gold gained 3¢, or 0.56%, to $5.35.

The Canadian dollar increased by US0.03¢ to US86.07¢.

The S&P/TSX Venture Exchange index gained 54.82, or 1.87%, to 2,989.72.

In New York, markets hit record highs as investors anticipated positive first-quarter earnings news.

The Dow Jones industrial average rose 35.70 points to 11,239.55, its third-straight positive session. The Nasdaq Composite Index rose 14.39 points to 2,359.75, a new five-year high. The S&P 500 Index added 5.63 points to 1,311.56, its best close since May 2001.