Surging oil prices sent Toronto stocks higher Tuesday even as earnings from the financial sector depressed bank stocks.

Light, sweet crude for June delivery rose to a record US$122.73 a barrel in morning trading on the New York Mercantile Exchange. Oil later settled at US$121.84f or a gain of US$1.87 from Monday’s close.

In Toronto, the S&P/TSX composite index climbed 139.96 points to 14,414.3.

The energy sector soared 3.25%.

EnCana gained $2.24 to $84.24 while Suncor Energy advanced $4.62 to $121.12.

Bad news from UBS and Fannie Mae hit Canadian bank stocks.

The Toronto financial group, down almost two% at one point during the day, closed down 0.5%.

Sun Life Financial Inc. reported a quarterly profit of $533 million, or 93¢ a share, up from $497 million, or 86¢ a share, a year earlier. The results were below analysts estimates, and Sun Life shares lost $1.76 to close at $47.44

Gold prices were higher with the June bullion contract on the Nymex ahead $3.60 to US$877.70 an ounce, sending the TSX gold sector up 0.44%.

Surging gold prices led to a US$514 million first-quarter profit at Barrick Gold. Barrick’s Q1 amounted to 59¢ a share. That reversed a net loss of US$159 million, or 18¢ a share, in the same quarter a year earlier.

Barrick shares finished down 1¢ at $39.40 on the TSX.

The junior S&P/TSX Venture Exchange was ahead 5.38 points to 2,499.14.

The Canadian dollar gained 1.04¢ to close at US99.71¢.

In New York, the Dow Jones industrial average gained 51.29 points to 13,020.83.

The Nasdaq composite index edged 19.19 points higher to 2,483.31 while the S&P 500 index rose 10.77 points to 1,418.26.