Toronto stocks surged ahead Tuesday, fuelled by rising commodity prices. The S&P/TSX composite index jumped 198.25 points, or 2.4%, to 8,455.85 on heavy volume of 317 million shares.

All but one of the TSX’s 10 subgroups closed higher, led by a 6.87% rally in the technology sector which was hammered last week on bad news from Nortel Networks.

The materials group rose 3.92%, buoyed by its component gold-mining stocks which soared 6.33% on higher bullion prices. Gold prices rose as the U.S. dollar weakened after the Fed left rates unchanged, as expected.

Mining stocks, also part of materials, rose 4.41%.

The energy sector advanced 2.92%, as world oil prices hit 13-year highs on concerns about supply disruptions amid violence in the Middle East.

Only the health-care sector closed in negative territory, down 0.59%.

The junior S&P/TSX Venture composite index rose 18.04 points to finish at 1,658.52.

On Wall Street, stocks ended slightly higher, after the Federal Reserve said shifts in its monetary policy are “likely to be measured,” easing fears of aggressive interest-rate hikes that could stifle growth in the U.S. economy and corporate profits.

The Dow Jones industrial average closed up 2.77 points at 10,316.77. The S&P 500 finished up 2.01 points at 1,119.50. The tech-heavy Nasdaq composite index gained 11.76 points to 1,950.48.