Toronto stocks closed higher on Wednesday, powered by gains in the information technology sector. The S&P/TSX composite index closed up 69.49 points at 6,493.14, regaining ground lost on Tuesday.

The information technology sector closed up 3% and energy stocks added a 2.3% gain.

Tech stocks pushed forward, attracting attention with their cheap valuations and hopes that the battered sector will rebound from a slowdown in corporate spending.

Telecoms equipment supplier Nortel Networks Corp. rose 12¢ to $2.31, while Celestica advanced $1.40 to $25.10.

Energy stocks appeared to enjoy news that EnCana Corp. said it will book a $250 million after-tax gain in the first quarter of 2003 as a result of the sale of two major pipelines.

Shares of Encana surged $1.39 to $44.85, while Canadian Natural Resources jumped $1.18 to $41.25.

The financial index climbed 1.5% despite Royal Bank shares falling 25¢ to $57.75. Toronto Dominion shares rose 95¢ to $31.25.

Market momentum was positive for the first time this week as advancers topped decliners 553 to 535. Volume was a robust 202 million shares worth $2.25 billion.

Failing to jump on the bull bandwagon, the TSX Venture Exchange declined 2.46 points to 914.15.

Stocks south of the border clawed higher as investors bet the U.S. economic recovery is gaining momentum.

In New York, the Nasdaq Composite Index rallied 45 points to 1,419.35. The Dow Jones industrial average climbed 148 points to 8,623.01. The broader S&P 500 jumped 17.4 points to 914.15.

The Canadian dollar finished at US63.06¢, down slightly from US63.12¢ at Monday’s close.