A strong retail sales report sent markets higher Wednesday.

Although failing to match the Dow’s triple digit rise, the Toronto Stock Exchange 300 composite index gained 17.60 points to close at 7,561.40.

In Toronto, 12 of the TSE’s 14 sub-indexes closed on the upside, led by a 2.29% gain in metals and minerals.

Alcan surged $1.45 to $62.25 and Inco gained 94¢ to $29.80.

The tech heavy industrial products sector sagged again today, slipping just under 1%.

Nortel was down 58¢ to $9.67. Stelco rose 9¢ to $4.59 and Bombardier was ahead 16¢ to $15.10.

The influential financial services group managed to post a small gain, advancing 0.3%. Performance in the sector was hampered by a report from Merrill Lynch on Canada’s banks. The report warned that the bank’s share prices “could be impaired by heightened investor concern over earnings and credit quality.”

CIBC slipped 20¢ to $51.60, Royal Bank shed 15¢ to $47.50, and Bank of Montreal retreated 41¢ to $35.09. TD gained 20¢ to $41.65.

In other sector news, Scotiabank Group said it will buy discount brokerage Charles Schwab Canada Co. for an undisclosed price. Scotiabank shares fell 14¢ to $46.15.

Gold stocks posted a small gain today, rising 0.7%. Placer Dome rose 2¢ to $20.35 and Barrick Gold was up 47¢ to $29.52.

Market volume was moderate at 161 million shares. Advancers beat out decliners 579 to 482, with 214 issues closing unchanged.

Venture capital stocks missed out on today’s advance. The S&P/CDNX Composite Index closed down 11.58 at 1,140.89. Trading was heavy on a volume of 35.9 million shares, with 204 advances, 221 declines and 530 issues unchanged.

In New York, Stocks ended higher Wednesday as several positive earnings reports and surprising strength in retail sales allowed fears about accounting issues to again recede.

The Dow Jones industrial average ended with a gain of 125.93 points, or 1.3%, to 9,989.67. The Nasdaq composite gained 24.95 points, or 1.4%, to 1,859.16, and the S&P 500 added 11.01 points, or 1%, to 1,118.51.

American markets were energized by a U.S. Commerce Department report showing consumers were a pillar of economic strength in January.

U.S. retail sales posted a 0.2% decline in January, but excluding autos they were up 1.2%, suggesting that the consumer remains active. December numbers were revised higher, with the overall sales number increasing to a 0.2% gain from a 0.1% decline, and the ex-auto number climbing to a 0.7% gain from a 0.1% drop.