Toronto stocks rallied Friday on positive news in the resources sector.

The S&P/TSX composite index gained 77.8, or 0.56%, to 14,024.07.

Eight of the 10 TSX main sub-groups were down.

The energy sector rose 3.34%.

Light, sweet crude for July delivery rose U$0.82, or 1.3%, to close at US$65 a barrel.

EnCana Corp. advanced $0.60 to $65.75 and Suncor Energy gained $1.37 to $94.17.

The materials sector rose 2.70% while the gold sub-sector fell 0.34%.

Gold futures fell $2.00 to US$660.60 an ounce.

Kinross Gold Corp. fell 50¢, or 3.48%, to $13.85.

Financials rose just 0.08% on the news that Royal Bank of Canada failed to meet expected profit levels.

Although the bank increased its quarterly profit by 14% to $1.28 billion or $0.98 a share as revenue rose 11% to $5.67 billion, analysts were expecting earnings of $1 per share.

As a result, RBC’s shares fell $1.80 to $58.82

Meanwhile, the Canadian dollar continued its upward climb, increasing US$0.45 to close at a new 30-year high of US$92.64.

The S&P TSX Venture Exchange rose 36.21, or 1.13%, to 3,242.20.

In New York, markets rose ahead of the Memorial Day long weekend despite negative news in housing sales.

The Dow Jones industrial average gained 66.15, or 0.49%, to 13,507.28, the Nasdaq composite index rose 19.27, or 0.76%, to 2,557.19 and the S&P 500 increased 8.22, or 0.55%, to 1,515.73.