Toronto stocks hit an all-time record high Tuesday, on higher commodity prices and hopes for mergers and acquisitions in the resource sectors.

The S&P/TSX composite index gained 185.67 points, or 1.50%, to 12,602.67, bursting through the previous record of 12,487 set in April.

All 10 TSX main indices were up, with the energy group up 2.09% and the materials index up 3.01%.

Light, sweet crude for January delivery closed up $1.37 to US$60.17 a barrel on supply worries.

Talisman Energy Inc. gained 22¢, or 1.22%, to $18.22.

The gold sector, a sub-set of materials, gained 3.79% on higher bullion prices. December gold futures gained $6.60 to close at US$628.70 an ounce.

Kinross Gold Corp. gained 35¢, or 2.70%, to $13.31.

The financial sector gained 0.75%. Manulife Financial Corp. gained 16¢, or 0.42%, to $38.16.

The Canadian dollar gained 0.12 of a cent to US87.28¢.

The S&P TSX Venture composite index gained 33.39 points, or 1.27%, to 2,633.89.

In New York, markets moved up, but just marginally, as good corporate earnings news were largely offset by higher energy prices.

The Dow Jones industrial average nudged ahead 5.05 points, or 0.04%, to 12,321.59, the Nasdaq composite index lifted 2.12, or 0.09%, to 2,454.84, and the S&P 500 gained 2.31, or 0.16%, to 1,402.81.