Toronto stocks moved higher Wednesday, setting a fresh record close, as markets gained strength from higher commodity prices, despite a drop in the price of oil.

The S&P/TSX composite index gained 32.70 points , or 0.25%, to 13,204.46, besting the previous mark of 13,184.30 set last week.

Seven of the 10 TSX main groups were up.

The materials sector moved ahead 0.50%, while the gold sub-sector gained 0.94%.

Gold futures gained $3.50 to close at $672.00 an ounce.

Iamgold Corp. gained 21¢, or 2.09%, to $10.26.

The energy index dropped 0.24%.

Nexen Inc. fell 33¢, or 0.47%, to $70.39.

Light, sweet crude oil fell $1.06 to close at $58.00 a barrel.

The information technology group gained 0.50%.

Research in Motion gained $3.86, or 2.47%, to $160.35.


The S&P/TSX Venture composite index gained 34.41 points, or 1.14%, to 3.041.78.

In New York, markets rose sharply reacting good corporate earnings news and reassuring words from U.S. Federal Reserve chairman Ben Bernanke that inflation pressures appeared to be in check.

The Dow Jones Industrial Average rose 87.01 points to finish at 12,741.86, a record close. The S&P 500 lifted 11.04 points to 1,455.30, while the Nasdaq composite index gained 28.50 points to 2,488.38.