Markets climbed higher on Friday, buoyed by a drop in oil prices. The S&P/TSX composite index finished up 62.63 points, or 0.77%, at 8,210.48. The index eked out a gain on the week of 0.27%.

Volume was modest oat 175 million shares worth $2.1 billion.

Canadian markets will be closed Monday for the Victoria Day holiday.

The metals and mining sector led the gains as Inco jumped ahead $1.51 to $42.21 and Noranda moved up 47¢ to $21.96.

Gold stocks also rose as the price of bullion surged $6.20 to US$384.30 an ounce. Placer Dome added 50¢ to $20.38. Wheaton River Minerals advanced 9¢ to $3.75.

The tech sector got a boost from a report by Semiconductor Equipment and Materials International. It says North American chip equipment orders were up 16% in April from March, and up 111% from a year earlier. On the Toronto market, Zarlink Semiconductor moved up 10¢ to $5.05 while Nortel Networks moved 6¢ higher to $5.60.

In other corporate news, Air Canada stock soared 27.1% to $1.37 on very heavy volume of 12 million shares after the carrier secured an extension of its creditor protection until the end of September. Yesterday the beleaguered air carrier reached a cost-cutting agreement with the Canadian Auto Workers, removing one of the last remaining barriers to its 13½-month-long restructuring.

The TSX Venture Exchange added 23.64 points at 1,580.35.

In New York, crude oil futures ended below US$40 for the first time in 10 trading days.

The Dow Jones industrial average rose 29.10 points, or 0.29%, to 9,966.74, while the broader S&P 500 gained 4.37 points, or 0.40%, to 1,093.56. The tech-heavy Nasdaq composite index ended up 15.50 points, or 0.82%, at 1,912.09.

The Dow ended the week down 0.46%, while the S&P 500 lost 0.19% for the week. The Nasdaq, however, broke its three-week losing streak, finishing up 0.41%.