Energy stocks balanced out weakness in other sectors today and the benchmark index of the Toronto Stock Exchange closed higher.

The S&P/TSX composite index rose 84.10 points, or 0.59%, to 14,321.16, as eight of the 10 major TSX groups made gains.

The heavyweight energy group closed up 1.71%, as crude-oil futures hit yet another record closing price. Crude oil for May delivery finished the session up 79¢, or 0.7%, at US$117.48 on the New York Mercantile Exchange.

First Calgary Petroleum Co. shares, however, fell 27¢, or 10%, to close at $2.43, after it announced a new slate of board members and the voting results from the recent special meeting of shareholders.

The materials group closed up 0.02%, as the gold sub-index sank 1.76%.

Gold for June delivery gained US$2.40 to end at US$917.60 an ounce on the Nymex.

Eldorado Gold Corp. shares fell 22¢, or 2.98%, to end at $7.16, after it announced a bid for Frontier Pacific Mining Corp.

Shares in Iamgold Corp. fell 45¢, or 6.31%, to end at $6.68. Meanwhile, Kinross Gold Corp. stock tumbled 98¢, or 4.11%, to finish at $22.87.

The financials group closed up 0.19%.

TD Bank shares were up 26¢, or 0.40%, to end at $65.20, after the bank boosted earnings expectations for its U.S. operations by $50 million, to $750 million after the completion of its acquisition of Commerce Bancorp.

Bank of Nova Scotia shares closed down 5¢, or 0.11%, at $47.45 and Bank of Montreal stock closed up 51¢, or 1.06%, at $48.52.

In other corporate news, Loblaw Cos. Ltd. stock fell $1.96, or 6.18%, to close at $29.77, after the company announced a shuffling in its top ranks. CFO Bill Wells, chief merchandising officer Mark Foote and executive vice-president of food Pietro Satriano are all leaving the company. Current deputy chairman Allan Leighton replaces Foote.

The junior S&P/TSX Venture composite index slipped 12.37 points, or 0.48%, at 2,559.82.

The Canadian dollar closed out at US99.40¢, down 0.11 of a cent from yesterday’s close, as economists continue to speculate on tomorrow’s Bank of Canada interest rate announcement. Most are expecting a half point cut, which would bring the overnight rate to 3.5%.

In New York, a weak earnings report from the Bank of America weighed on markets, and deteriorated already weak confidence in the banking sector.

Bank of America announced Q1 profit fell 77% as on writedowns and rising credit losses. The bank reported earnings of US$1.21 billion, or 23¢ a share, while analysts had forecast 41¢ a share.

The Dow Jones industrial average fell 24.34 points, or 0.19%, to finish at 12,825.02.

The S&P 500 dropped 2.16 points, or 0.16%, to close at 1,388.17.

The tech-heavy Nasdaq, however, gained a modest 5.07 points, or 0.21%, to end the day at 2,408.04.