Toronto stocks rallied Wednesday, after dropping below the 11,000 mark in yesterday’s session, as investors bought back into the market, inspired by a modest rebound in commodity prices.

The S&P/TSX composite index gained 117.35, or 1.07%, to 11,112.83.

Seven of the 10 TSX main sub-groups were up, with the energy sector gaining 2.16%.

Light, sweet crude futures closed up 99¢ at US$70.33 on the New York Mercantile Exchange.

EnCana Corp. moved up $2.15, or 4.11%, to $54.50.

The gold sub-sector gained 4.18% as gold futures closed $10.50 higher at US$591 an ounce.

Miramar Mining Corp. gained 19¢, or 4.73%, to $4.21.

The Canadian dollar jumped 0.68 of a cent US90.16¢.

The S&P/TSX Venture composite index gained 28.63, or 1.14%, to 2,550.90.

In New York, strong earnings reports fuelled investor confidence, as markets rebounded after recent sell offs.

The Dow Jones industrial average closed up 104.62 points, or almost 1%, at 11,079.46. The Nasdaq composite index rose 34.14 points, or 1.6%, to 2,141.20. The S&P 500 gained 12.08 points, or close to 1%, to close at 1,252.20.