Toronto stocks closed higher Monday, lifted by gains in information technology shares. The S&P/TSX composite index rose 65.85 points to finish at 7,317.81.

The information technology sector rose 1.7%, while energy stocks added a gain of 1.3%.

Technology stocks got a boost after software giant Oracle was upgraded by Merrill Lynch.

ATI Technologies rose 80¢ to close at $16.50. Celestica advanced $1.22 at $20.34.

Toronto volume was a light 185 million shares ahead of the U.S. Federal Reserve’s decision on interest rates on Tuesday.

The junior S&P/TSX Venture composite index closed down 0.68 points at 1,222.14

Trading was heavy on a volume of 52.5 million shares worth $24.5 million dollars, with 210 advances, 230 declines and 515 issues unchanged.

In New York, technology issues rose on Monday, snapping a six-session losing streak after they got a boost from bullish brokerage calls on Oracle and Adobe.

Investors shied away from making big moves before Tuesday’s meeting of the Federal Reserve’s Open Market Committee, which is expected to keep interest rates at current 45-year lows to spur economic growth. The market’s focus will be on the Fed’s view on the economy.

The tech heavy Nasdaq composite index gained 17.48 points to 1,661.51. The blue-chip Dow Jones industrial average added 26.26 points to 9,217.35, while he broader S&P 500 added three points rising to 980.59.

The Canadian dollar climbed Monday, boosted by the strong housing report. The loonie closed at US72.44¢, up from US71.86¢ at Friday’s session close.