A boost in telecom and utilities stocks helped send the Toronto Stock Exchange higher Thursday, while its U.S. counterparts fell as investors south of the border appeared to take an early breather before the holidays.

In Toronto, the S&P/TSX composite index gained 29.34 points at 15,335.23, as shares in telecom companies rose after the CRTC declared a day earlier that broadband Internet access should be a basic service.

The national regulator will also give telecom firms access to a $750 million industry-sponsored fund over the next five years to invest in broadband infrastructure if they guarantee a set price for service.

Shares in Rogers Communications gained 1% cent, or 56¢ to $52.06, while stock in BCE Inc. rose 1.18%, or 68¢ to $58.14 on the TSX.

Patrick Blais, a senior portfolio manager at Manulife Asset Management, said very few people would’ve predicted at the start of the year that the Toronto stock market would be up nearly 20% to finish off 2016.

The index, which is made up with more than 50% of energy and financials stocks, has been benefiting from a rebound in oil prices amid two production deals with OPEC and non-OPEC members. The anticipated supply cuts are set to come into effect in January.

Blais expects the TSX to continue to climb, and Canadian oil firms to continue to profit, in the new year.

“I don’t think we would’ve thought the Canadian market was going to be as resilient,” he said.

“It’s been a good run as long as energy prices hold up and the U.S. rebounds, given they are our largest trading partner. There is a lot of optimism that the Canadian market will continue to go up.”

In currencies, the Canadian dollar dropped US0.50¢ at US74.09¢ despite a gain in oil prices. The February crude contract rose US46¢ to US$52.95 per barrel.

In New York, the Dow Jones industrial average was down 23.08 points at 19,918.88. The S&P 500 slipped 4.22 points at 2,260.96 and the Nasdaq composite lost 24.01 points to 5,447.42.

Trading volumes were also light on Wall Street as workers in the financial industry prepare to head out for the holiday long weekend. The Toronto market will be closed on Monday and Tuesday in lieu of Christmas and Boxing Day. New York markets will be closed Monday but reopen on Tuesday.

Blais said he anticipates the U.S. markets to continue their rally in the new year on signs that the economy is continuing to grow, unemployment is down and the promise that president-elect Donald Trump will focus on infrastructure spending.

In commodities, the February gold contract lost US$2.50 at US$1,130.70 an ounce, March copper contracts were flat at US$2.50 a pound and January natural gas was unchanged at US$3.54 per mmBTU.